bluebird bio Announces Acquisition by Carlyle and SK Capital
Deal News | Feb 21, 2025 | The Carlyle Group
bluebird bio, a leading gene therapy company, has announced a definitive agreement to be acquired by investment firms Carlyle and SK Capital for $3.00 per share in cash and a contingent value right of $6.84 per share, dependent on achieving certain sales milestones. The transaction is set to close in the first half of 2025. This deal comes after bluebird faced mounting financial challenges and an extensive strategic alternatives review. Carlyle and SK Capital, alongside a team of biotech experts, aim to inject capital and commercial prowess to expand the delivery of bluebird's life-altering gene therapies. With David Meek poised to become CEO, the acquisition has gained board approval and is seen as bluebird's optimal path forward, given the company's financial constraints and loan covenants. post-transaction, bluebird will become privately held, bolstered by Carlyle's and SK Capital's life sciences expertise.
Sectors
- Healthcare
- Biotechnology
- Private Equity
Geography
- United States – The transaction involves U.S.-based companies and regulatory filings with the SEC; bluebird bio is headquartered in Massachusetts.
Industry
- Healthcare – The acquisition involves bluebird bio, a leader in gene therapy treatments for genetic diseases, operating within the Healthcare sector.
- Biotechnology – bluebird bio is a biotechnology company focusing on advanced gene therapies and is being acquired by firms with significant experience in biopharma investments.
- Private Equity – Carlyle and SK Capital, both private equity firms, are facilitating the acquisition and capital infusion to support bluebird bio's growth strategies.
Financials
- $3.00 per share – Cash payment to bluebird stockholders per share.
- $6.84 per share – Contingent value right if sales targets are met.
- $600 million – Net sales milestone for contingent value right payment.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| bluebird bio, Inc. | Target | Company | A biotechnology company specializing in gene therapy for severe genetic diseases. |
| The Carlyle Group | Bidding Company | Company | A global investment firm with expertise in private equity, credit, and investment solutions. |
| SK Capital Partners, LP | Bidding Company | Company | A private investment firm focused on the life sciences and specialty materials sectors. |
| David Meek | Future CEO | Person | Expected to become CEO of bluebird bio upon transaction completion. |
| bluebird's Board of Directors | Board | People | Unanimously approved the acquisition agreement after a strategic alternatives review. |
| Leerink Partners | Financial Advisor | Company | Acting as the financial advisor to bluebird bio. |
| Latham & Watkins LLP | Legal Advisor | Company | Providing legal counsel to bluebird bio. |
| Bourne Partners | Financial Advisor | Company | Acting as financial advisor to Carlyle and SK Capital. |
| Wachtell, Lipton, Rosen & Katz | Legal Advisor | Company | Serving as a legal advisor to Carlyle and SK Capital. |
| Kirkland & Ellis LLP | Legal Advisor | Company | Providing legal services to Carlyle and SK Capital. |
| Orrick, Herrington & Sutcliffe | Legal Advisor | Company | Serving as a legal advisor to Carlyle and SK Capital. |