bluebird bio to Be Acquired by Carlyle and SK Capital Amid Financial Challenges
Bluebird bio, once valued at $10 billion in 2018, has agreed to be acquired by Carlyle and SK Capital for $29 million, marking a significant downturn for the gene therapy pioneer.
In a strategic move to address ongoing financial challenges, bluebird bio, Inc. has entered into a definitive agreement to be acquired by global investment firms Carlyle and SK Capital Partners, LP. The transaction, announced on February 21, 2025, is valued at approximately $29.16 million, with bluebird stockholders set to receive $3.00 per share in cash. Additionally, there is a contingent value right (CVR) of $6.84 per share, payable upon achieving a net sales milestone of $600 million within a trailing 12-month period before December 31, 2027.
This acquisition follows a series of financial setbacks for bluebird bio. In September 2024, the company, as reported by Reuters, announced a restructuring plan that included a 25% reduction in its workforce, aiming to decrease cash operating expenses by 20% by the third quarter of 2025. This move came after a previous 30% job cut in 2022, which was intended to save $160 million.
This marks a significant decline from bluebird's position as a leading gene therapy developer in 2018, when the company's valuation reached approximately $10 billion.
Despite securing FDA approval for its sickle cell disease gene therapy, Lyfgenia, in December 2023, bluebird faced challenges in market adoption. Lyfgenia was priced at $3.1 million, approximately 40% higher than its competitor, Casgevy, from Vertex Pharmaceuticals and CRISPR Therapeutics. The high cost, coupled with a serious safety warning about blood cancer risk, contributed to slower-than-expected uptake among patients.
David Meek, former CEO of Mirati Therapeutics and Ipsen, is expected to become CEO of bluebird upon closing. Carlyle and SK Capital plan to provide capital to scale bluebird's commercial delivery of gene therapies for patients with sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy.
"bluebird is built on an extraordinary legacy of scientific breakthroughs," Meek said. "With the backing of Carlyle and SK Capital, we will bring the capital and commercial capabilities needed to accelerate and expand patient access to bluebird's life-changing gene therapies."
Upon completion of the transaction, bluebird will become a privately held company, and its common stock will no longer be listed on any public market.
