Bluebird Bio announced Friday it would sell itself and its portfolio of gene therapies to the investment firms Carlyle and SK Capital for less than $30 million, in a deal that lets the beleaguered biotech avoid bankruptcy.
Bluebird shareholders will receive around $3 per share but can obtain another $6.87 per share in a contingent value right, or CVR, if Bluebird’s portfolio of therapies start to become commercially successful, bringing in at least $600 million per year by 2027.
The company had entered Friday with a market cap of $68.4 million and was set to run out of cash virtually any day.
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