bluebird bio, Inc. (BLUE) entered a merger agreement on February 21, 2025, to be taken private by Carlyle (CG) and SK Capital Partners, in a deal valued at about $156.05 million.
Under the terms of the agreement, bluebird stockholders will receive $3.00 per share in cash and a contingent value right per share, entitling the holder to a payment of $6.84 in cash per contingent value right if bluebird’s current product portfolio achieves $600 million in net sales in any trailing 12-month period before or ending on December 31, 2027.
The cash price of $3 per share represents a discount of 57.39% from the stock’s last close of $7.04.
bluebird bio is a biotechnology company that researches, develops, and commercializes gene therapies for severe genetic diseases, with FDA-approved treatments for sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy.
Carlyle is a global investment firm that deploys private capital across private equity, credit, and investment solutions, managing $441 billion in assets as of December 31, 2024, with investments spanning industries such as healthcare, technology, real estate, and infrastructure worldwide.
SK Capital is a private investment firm focused on the life sciences, specialty materials, and ingredients sectors, managing approximately $9 billion in assets and supporting businesses that generate $12 billion in annual revenue across more than 30 countries.
bluebird will be acquired by funds managed by Carlyle and SK Capital, in partnership with a team of biotech executives. David Meek, former CEO of Mirati Therapeutics and Ipsen, will become bluebird’s CEO upon closing.
Carlyle and SK Capital will provide bluebird with primary capital to expand the commercial delivery of its gene therapies for patients with sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy.
“As our financial challenges mounted, it became clear that securing the right strategic partner was critical to maximizing value for our stockholders and ensuring the long-term future of our therapies,” said Andrew Obenshain, CEO of bluebird.
The deal is expected to close in the first half of 2025.
bluebird bio was advised by Leerink Partners as financial advisors and Latham & Watkins as legal advisors. Carlyle and SK Capital Partners received financial counsel from Bourne Partners and legal counsel from Wachtell, Lipton, Rosen & Katz, as well as Kirkland & Ellis and Orrick, Herrington & Sutcliffe.
The deal values bluebird at 1.16 times its sales.
For more details on this significant M&A transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of bluebird bio, Inc. (BLUE) by Carlyle and SK Capital Partners (CG)
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Editor’s Note: Baranjot Kaur contributed to this article