By Kelly Cloonan
Bluebird Bio has received a competing bid from Ayrmid to buy the cash-strapped gene-therapy company in a deal potentially valued at up to $110.5 million.
Bluebird said late Friday that Ayrmid made an unsolicited offer to buy the company in a cash-and-stock transaction with an upfront cash payment of $4.50 per share and a one-time contingent value right of $6.84 per share payable upon reaching a net sales milestone.
The offer is about 10% higher than Bluebird's closing share price of $4.08 on Friday and a premium to a previous offer from two buyout firms that offered to pay $3 a share upfront for the company. The stock rose 10.5% in late trading to $4.51.
Bluebird in February entered into an agreement with global investment firms Carlyle and SK Capital Partners to be acquired and taken private for up to $96 million in a mix of cash and shares. In addition to the $3 per share offer, the deal also proposed a one-time contingent value right payment of $6.84 a share, which would be payable upon reaching a net sales milestone.
Bluebird remains subject to the terms of that deal, and said its board hasn't changed its recommendation supporting the merger. The board is carefully reviewing Ayrmid's proposal, the company said.
Bluebird previously engaged in discussions with Ayrmid as it reviewed strategic alternatives, the company said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
March 28, 2025 16:55 ET (20:55 GMT)
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