2 months ago
12
Jenna Philpott
Thu, Apr 17, 2025, 4:51 AM 3 min read
Bluebird bio (bluebird) has reaffirmed its enactment for a projected acquisition by Carlyle and SK Capital aft rival bidder Ayrmid failed to present a binding connection oregon unafraid financing by the extended deadline.
The announcement marks the 2nd clip Ayrmid has initiated discussions with bluebird without producing a afloat financed proposal.
Bluebird said it had engaged with Ayrmid for 3 weeks pursuing the backstage equity firm’s unsolicited bid successful March, including extending the archetypal deadline to let much clip for owed diligence and woody structuring. However, Ayrmid did not taxable a definitive connection by the agreed-upon 15 April cut-off day and has yet to unafraid the indispensable superior to proceed.
As a result, bluebird’s committee of directors is reiterating its unanimous enactment for the acquisition statement with Carlyle and SK Capital, which was archetypal announced successful February 2025. The committee is urging shareholders to tender their shares by the updated deadline of 2 May, extending the erstwhile expiration day of 18 April.
bluebird’s committee president Mark Vachon said: “Ayrmid’s connection remains highly conditional. bluebird has engaged with Ayrmid connected 2 abstracted occasions—neither of which has resulted successful a binding oregon fully-financed offer. The committee unanimously reaffirms its enactment of the antecedently announced statement with Carlyle and SK Capital in the strongest imaginable terms.”
Bluebird has been nether important fiscal unit for respective years. The institution presently faces the hazard of defaulting connected a $175m indebtedness from Hercules Capital, secured successful 2024 to enactment ongoing operations. Without a caller superior injection, the committee said, the company’s liquidity presumption remains precarious.
Carlyle and SK Capital’s connection offers $3 per stock successful cash, on with a imaginable further outgo of $6.84 per stock if definite objective and commercialized milestones are met. Ayrmid‘s offer, disclosed past month, projected $4.50 per stock upfront and the aforesaid milestone-based payout structure. However, bluebird confirmed that Ayrmid has not demonstrated entree to committed funding. bluebird noted that Ayrmid is continuing to question financing and whitethorn supply further updates successful the coming days.
bluebird’s fiscal presumption has deteriorated implicit time, contempt achieving respective cardinal regulatory milestones. The institution presently markets 3 US Food and Drug Administration (FDA)-approved cistron therapies – Zynteglo (betibeglogene autotemcel) for transfusion-dependent beta-thalassemia, Skysona (elivaldogene autotemcel) for cerebral adrenoleukodystrophy, and Lyfgenia (lovotibeglogene autotemcel) for sickle compartment illness – but has struggled with dilatory uptake, precocious costs, and reimbursement hurdles.
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