Carlyle and SK Capital Partners agreed to acquire gene therapy pioneer bluebird bio in a deal valuing the company at up to $477m per share. 

The acquisition, set to close in the first half of 2025, includes an upfront payment of $3 per share in cash, with an additional $6.84 per share contingent on bluebird reaching $600m in net sales by December 2027.

bluebird’s board unanimously approved the deal after a five-month strategic review involving over 70 potential investors. Facing financial difficulties and a risk of defaulting on loan covenants, the company saw this acquisition as its best option for long-term stability.

Once the transaction is complete, bluebird will become privately held, with its stock delisted from public markets. Carlyle and SK Capital plan to inject fresh capital to scale operations and expand patient access to bluebird’s gene therapies for sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy.

David Meek, former CEO of Mirati Therapeutics and Ipsen, will take over as CEO, bringing extensive experience in leading biotech and pharmaceutical companies. Carlyle’s healthcare and Abingworth teams expressed strong confidence in bluebird’s potential, emphasizing their commitment to accelerating commercialization.

Financial advisors include Leerink Partners for bluebird, while Carlyle and SK Capital are working with Bourne Partners, Wachtell, Lipton, Rosen & Katz, Kirkland & Ellis LLP, and Orrick, Herrington & Sutcliffe.

This acquisition marks a major transition for bluebird, shifting from financial struggles to a strategic growth phase under private equity ownership.