Bluebird's Surprise: Ayrmid's Premium Offer Shakes Up Existing Deal
Deal News | Mar 28, 2025 | EIN
Bluebird bio, a gene therapy company facing commercialization challenges, has received a superior acquisition bid from Ayrmid. This new offer is 50% higher than an existing deal struck with Carlyle and SK Capital Partners. Ayrmid proposes to buy bluebird for $4.5 per share upfront along with a one-time contingent value right of $6.84 per share linked to a sales milestone. The previously agreed offer with Carlyle-SK stood at $3 per share with a similar CVR. Bluebird's board is currently reviewing the Ayrmid proposal, adhering to fiduciary obligations while maintaining compliance with their pre-existing agreement's terms. If bluebird chooses Ayrmid’s offer, they will incur a $1.5 million termination fee, yet the higher offer more than compensates for this. Ayrmid’s bid significantly values bluebird at approximately $45 million, contrasting with Carlyle-SK's $29 million offer. Notably, Ayrmid had been approached by bluebird in the past for a takeover interest but declined to make a proposal at that time. Ayrmid is known to be the parent company of Gamida Cell, a cell therapy firm focusing on blood cancers.
Sectors
- Biotechnology
- Pharmaceuticals
- Private Equity
Geography
- United States – Bluebird bio is a U.S.-based company and the events discussed are focused there.
- United Kingdom – Ayrmid, the rival bidder for bluebird bio, is based in the United Kingdom.
Industry
- Biotechnology – Bluebird bio operates in the biotechnology industry, developing gene therapies for severe genetic diseases.
- Pharmaceuticals – Ayrmid and its subsidiary, Gamida Cell, are involved in developing cell therapies for cancer, aligning with the pharmaceutical sector.
- Private Equity – Carlyle and SK Capital Partners are private equity firms involved in the proposed acquisition of Bluebird bio.
Financials
- $4.5 – The upfront per-share offer from Ayrmid for bluebird bio.
- $6.84 – The contingent value right per share offered by Ayrmid, tied to a future sales milestone.
- $3 – The per-share offer from Carlyle and SK Capital Partners.
- $1.5 million – Termination fee payable by bluebird bio if they accept Ayrmid's offer.
- $29 million – The total valuation of bluebird bio under the Carlyle-SK offer.
- $45 million – The total upfront value of bluebird bio under the Ayrmid offer.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bluebird bio | Target Company | Company | A U.S.-based gene therapy company focusing on severe genetic diseases. |
| Ayrmid | Bidding Company | Company | A U.K.-based company, parent of Gamida Cell, offering a superior bid for bluebird bio. |
| Carlyle Group | Bidding Company | Company | A major American private equity firm initially offering to acquire bluebird bio. |
| SK Capital Partners | Other Company | Company | A private investment firm partnering with Carlyle in the original bluebird bio acquisition offer. |
| Gamida Cell | Other Company | Company | A subsidiary of Ayrmid, involved in cell therapy for blood cancers. |