Bluebird bio reaffirmed its commitment to a takeover deal by Carlyle and SK Capital, after rival bidder Ayrmid failed to submit a binding, fully financed offer by the extended deadline of 15 April.

The Carlyle–SK Capital proposal, announced in February, includes an upfront cash payment of $3 per share, with an additional $6.84 per share contingent on the achievement of certain clinical and commercial milestones. The board of bluebird is now urging shareholders to tender their shares by 2 May, extending the original 18 April deadline.

Mark Vachon, Chairman of bluebird’s board, stated, “Ayrmid’s proposal remains highly conditional. Bluebird has engaged with Ayrmid on two separate occasions—neither of which has resulted in a binding or fully-financed offer.”

The announcement comes at a critical time for bluebird, which continues to face significant financial pressure. The company risks defaulting on a $175m loan from Hercules Capital and has yet to recover from the loss of an anticipated $103m priority review voucher sale to Novartis in 2023.

Despite having three FDA-approved gene therapies on the market—Zynteglo, Skysona, and Lyfgenia—bluebird has struggled with slow commercial uptake, high price points, and stiff competition, particularly from rival Vertex and CRISPR’s Casgevy.

Backed by ongoing cost-cutting measures and emergency financings, bluebird’s leadership is betting on the Carlyle and SK Capital transaction as the most credible and stabilising path forward. Ayrmid has not ruled out re-engaging in the process but has yet to secure committed funding.

Source: Yahoo Finance