Private equity firms Carlyle and SK Capital Partners have revised their acquisition agreement with Bluebird Bio, giving shareholders the option to receive $5.00 per share in cash or to proceed with the original offer of $3.00 in cash plus a contingent value right (CVR) worth $6.84 per share, payable upon meeting a future net sales milestone.

The amended structure provides flexibility for shareholders, with the $5.00 all-cash option designed to appeal to those seeking a more immediate return rather than the long-term upside tied to product performance.

The transaction has cleared all regulatory hurdles, and closing is expected promptly following completion of the ongoing tender process.

This latest update comes after Bluebird Bio received a competing non-binding offer in March from Ayrmid Ltd., which proposed $4.50 in cash plus the same CVR. However, Ayrmid failed to submit a formal bid or secure the required financing before the extended deadline in April.

The deal underscores private equity’s continued appetite for biotech assets with high upside potential, particularly in the gene therapy space. Bluebird’s shares surged more than 50% following the revised offer, closing at $4.98 on Wednesday.

Source: Yahoo Finance