Bluebird bio has received a $45 million acquisition offer from Ayrmid Ltd., the parent company of Gamida Cell, which tops a prior $30 million bid from private equity firms Carlyle Group and SK Capital. Ayrmid’s offer includes $4.50 per share upfront and a potential $6.84 per share contingent value right (CVR) if a sales milestone is reached.
Bluebird is currently reviewing Ayrmid’s proposal with its legal and financial advisors, but has not yet changed its recommendation to support the existing merger agreement with Carlyle and SK Capital. That agreement includes a potential $1.5 million breakup fee or $300,000 in expense reimbursement if Bluebird backs out. The competing offers come after Bluebird, despite developing three rare disease gene therapies, faced years of financial difficulties. The company has burned through approximately $4.5 billion since its inception and reported a net loss of $241 million last year, due to challenges in commercializing its stem cell-based treatments.
Bluebird engaged with over 70 potential investors and partners in recent months, including Ayrmid, which submitted its bid after the initial agreement with Carlyle and SK Capital was announced. Bluebird’s shares, which closed at around $4, saw an increase in post-market trading following the news.
https://www.biopharmadive.com/news/bluebird-bio-ayrmid-buyout-offer-sk-capital-carlyle/743915/
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