bluebird bio confirms that Ayrmid, Ltd. has not delivered a binding offer or obtained necessary financing despite extensive engagement
bluebird bio (NASDAQ: BLUE) has announced that Ayrmid failed to submit a binding proposal or secure necessary financing to acquire the company, despite three weeks of engagement and timeline extension. The bluebird Board unanimously reaffirms its support for the previously announced transaction with Carlyle and SK Capital.
The existing agreement, announced on February 21, 2025, offers $3.00 per share in cash and a contingent value right of $6.84 per share upon achieving net sales milestone. This decision follows after Ayrmid's non-binding proposal of $4.50 per share upfront and the same contingent value right failed to materialize into a concrete offer.
The Board's decision comes amid concerns about potential loan covenant defaults without significant capital infusion. The Carlyle/SK Capital transaction emerged as the only viable solution after a comprehensive five-month strategic review involving over 100 potential investors.
bluebird bio (NASDAQ: BLUE) ha annunciato che Ayrmid non è riuscita a presentare una proposta vincolante né a garantire il finanziamento necessario per acquisire la società, nonostante tre settimane di trattative e una proroga dei tempi. Il Consiglio di Amministrazione di bluebird ribadisce all'unanimità il proprio sostegno alla transazione precedentemente annunciata con Carlyle e SK Capital.
L'accordo in vigore, annunciato il 21 febbraio 2025, prevede un pagamento in contanti di 3,00 $ per azione e un diritto di valore contingente di 6,84 $ per azione al raggiungimento di determinati obiettivi di vendita nette. Questa decisione segue la proposta non vincolante di Ayrmid di 4,50 $ per azione anticipati e lo stesso diritto di valore contingente, che però non si è concretizzata in un'offerta definitiva.
La scelta del Consiglio arriva in un contesto di preoccupazioni riguardo possibili inadempienze dei covenant di prestito senza un significativo apporto di capitale. La transazione con Carlyle/SK Capital si è rivelata l'unica soluzione praticabile dopo una dettagliata revisione strategica durata cinque mesi e coinvolgente oltre 100 potenziali investitori.
bluebird bio (NASDAQ: BLUE) ha anunciado que Ayrmid no logró presentar una propuesta vinculante ni asegurar la financiación necesaria para adquirir la compañía, a pesar de tres semanas de negociaciones y una extensión del plazo. La Junta Directiva de bluebird reafirma unánimemente su apoyo a la transacción previamente anunciada con Carlyle y SK Capital.
El acuerdo vigente, anunciado el 21 de febrero de 2025, ofrece 3,00 $ por acción en efectivo y un derecho de valor contingente de 6,84 $ por acción al alcanzar ciertos hitos de ventas netas. Esta decisión se produce tras la propuesta no vinculante de Ayrmid de 4,50 $ por acción por adelantado y el mismo derecho de valor contingente, que no se materializó en una oferta concreta.
La decisión de la Junta se toma en medio de preocupaciones sobre posibles incumplimientos de convenios de préstamo sin una significativa inyección de capital. La transacción con Carlyle/SK Capital surgió como la única solución viable tras una exhaustiva revisión estratégica de cinco meses que involucró a más de 100 inversores potenciales.
bluebird bio (NASDAQ: BLUE)는 Ayrmid가 3주간의 협상과 일정 연장에도 불구하고 회사 인수를 위한 구속력 있는 제안을 제출하거나 필요한 자금을 확보하지 못했다고 발표했습니다. bluebird 이사회는 만장일치로 이전에 발표된 Carlyle 및 SK Capital과의 거래를 지지한다고 재확인했습니다.
2025년 2월 21일 발표된 기존 계약은 주당 3.00달러 현금과 순매출 목표 달성 시 주당 6.84달러의 조건부 가치 권리를 제공합니다. 이 결정은 Ayrmid가 제시한 주당 4.50달러 선불과 동일한 조건부 가치 권리가 구체적인 제안으로 이어지지 않은 데 따른 것입니다.
이사회 결정은 상당한 자본 투입 없이는 대출 계약 위반 가능성에 대한 우려 속에서 내려졌습니다. Carlyle/SK Capital 거래는 5개월간 100명 이상의 잠재 투자자를 대상으로 한 종합적인 전략 검토 후 유일한 실행 가능한 해결책으로 떠올랐습니다.
bluebird bio (NASDAQ: BLUE) a annoncé que Ayrmid n’a pas réussi à soumettre une offre contraignante ni à obtenir le financement nécessaire pour acquérir la société, malgré trois semaines de négociations et une prolongation du délai. Le conseil d’administration de bluebird réaffirme à l’unanimité son soutien à la transaction précédemment annoncée avec Carlyle et SK Capital.
L’accord existant, annoncé le 21 février 2025, propose 3,00 $ par action en espèces ainsi qu’un droit de valeur conditionnel de 6,84 $ par action sous réserve de l’atteinte d’un objectif de ventes nettes. Cette décision fait suite à la proposition non contraignante d’Ayrmid de 4,50 $ par action en avance, assortie du même droit de valeur conditionnel, qui ne s’est pas concrétisée en une offre ferme.
La décision du conseil intervient dans un contexte d’inquiétudes concernant d’éventuels manquements aux clauses de prêt sans apport significatif de capitaux. La transaction avec Carlyle/SK Capital s’est imposée comme la seule solution viable après une revue stratégique approfondie de cinq mois impliquant plus de 100 investisseurs potentiels.
bluebird bio (NASDAQ: BLUE) hat bekannt gegeben, dass Ayrmid trotz dreiwöchiger Verhandlungen und Fristverlängerung keinen verbindlichen Vorschlag eingereicht oder die erforderliche Finanzierung für die Übernahme des Unternehmens gesichert hat. Der Vorstand von bluebird bekräftigt einstimmig seine Unterstützung für die zuvor angekündigte Transaktion mit Carlyle und SK Capital.
Die bestehende Vereinbarung, die am 21. Februar 2025 bekannt gegeben wurde, sieht 3,00 $ pro Aktie in bar sowie ein bedingtes Wertrecht von 6,84 $ pro Aktie bei Erreichen bestimmter Nettoumsatzziele vor. Diese Entscheidung folgt auf Ayrmids unverbindliches Angebot von 4,50 $ pro Aktie im Voraus und demselben bedingten Wertrecht, das jedoch nicht zu einem konkreten Angebot führte.
Die Entscheidung des Vorstands fällt vor dem Hintergrund von Bedenken hinsichtlich möglicher Vertragsverletzungen bei Darlehensvereinbarungen ohne erhebliche Kapitalzufuhr. Die Carlyle/SK Capital-Transaktion erwies sich nach einer umfassenden fünfmonatigen strategischen Überprüfung mit über 100 potenziellen Investoren als einzige praktikable Lösung.
- Secured definitive agreement with Carlyle and SK Capital ensuring immediate shareholder value
- Potential additional value through $6.84/share contingent value right
- Transaction provides solution to avoid loan covenant defaults
- Risk of loan covenant defaults without capital infusion
- Failed to secure higher-value binding offer from Ayrmid ($4.50/share)
- FDA denied company's appeal for priority review voucher for the third time
Insights
This announcement carries negative implications for bluebird bio shareholders as the higher upfront cash offer from Ayrmid ($4.50 per share) has effectively fallen through. After three weeks of engagement and timeline extensions, Ayrmid failed to secure financing or submit a binding proposal, leaving the existing Carlyle/SK Capital offer ($3.00 per share) as the only viable option.
The 33% lower upfront value represents significant shareholder value erosion compared to the potential Ayrmid deal. Both offers include identical contingent value rights of
Most concerning is the company's explicit acknowledgment of being at "significant risk of defaulting on its loan covenants" without immediate capital infusion. This confirms severe financial distress, with Hercules Capital (their lender) being directly consulted during deliberations. The Board's framing of the Carlyle/SK deal as "the only currently viable solution" suggests extremely options and negotiating leverage.
The previous five-month strategic review process involving over 100 potential investors yielded only these options, indicating minimal interest in the company's assets at higher valuations. The FDA's third and final denial of bluebird's priority review voucher further damages the company's future revenue potential and partnership attractiveness.
With the May 2nd tender deadline approaching rapidly, shareholders face a stark choice between accepting the lower-value offer or risking potential covenant default and further value deterioration.
bluebird Board reaffirms unanimous recommendation in support of transaction with Carlyle and SK Capital and recommends all stockholders tender into the current agreement by May 2, 2025
“Ayrmid’s proposal remains highly conditional, despite an extension to the previously agreed-upon timeline to complete confirmatory diligence and submit a binding offer,” said Mark Vachon, chairman of the bluebird bio Board of Directors. “bluebird has engaged with Ayrmid on two separate occasions—neither of which has resulted in a binding or fully-financed offer. After careful consideration with our financial and legal advisors, discussions with Hercules Capital, and taking into account that absent a significant infusion of capital, bluebird continues to be at significant risk of defaulting on its loan covenants, the Board unanimously reaffirms its support of the previously announced agreement with Carlyle and SK Capital in the strongest possible terms.”
Background on the Board’s Recommendation
As announced on February 21, 2025, bluebird entered into a definitive agreement (the “Merger Agreement”) with funds managed by global investment firms Carlyle and SK Capital, LP to be acquired and taken private for
After commencing the tender offer with Carlyle and SK Capital, bluebird subsequently received an unsolicited non-binding written proposal from Ayrmid to acquire bluebird for an upfront cash payment of
Consistent with its fiduciary duties, bluebird and the Board agreed to a two-week period of confirmatory diligence with Ayrmid to conclude with submission of a binding offer ready for signature. On April 11, 2025, at the request of Ayrmid, bluebird agreed to extend this period by four additional days. Ayrmid did not deliver a binding offer at the conclusion of that period and also acknowledged that it had not obtained necessary financing for its proposal. Ayrmid indicated they are continuing to pursue financing and expected to provide an update in the coming week. In addition to the most recent three-week diligence period Ayrmid was also party to the strategic process prior to announcement of the agreement with Carlye and SK Capital. In light of Ayrmid’s failure to deliver a binding offer after three weeks of engagement, or as part of the earlier strategic review process, the Board reiterates its unanimous recommendation in support of the transaction with Carlyle and SK Capital. In making this determination, the Board considered that absent a significant infusion of capital, bluebird continues to be at significant risk of defaulting on its loan covenants and the transaction with Carlyle and SK Capital Partners is the only currently viable solution to generate value for stockholders.
About bluebird bio
Founded in 2010, bluebird has been setting the standard for gene therapy for more than a decade—first as a scientific pioneer and now as a commercial leader. bluebird has an unrivaled track record in bringing the promise of gene therapy out of clinical studies and into the real-world setting, having secured FDA approvals for three therapies in under two years. Today, we are proving and scaling the commercial model for gene therapy and delivering innovative solutions for access to patients, providers, and payers.
With a dedicated focus on severe genetic diseases, bluebird has the largest and deepest ex-vivo gene therapy data set in the field, with industry-leading programs for sickle cell disease, ß-thalassemia, and cerebral adrenoleukodystrophy. We custom design each of our therapies to address the underlying cause of disease and have developed in-depth and effective analytical methods to understand the safety of our lentiviral vector technologies and drive the field of gene therapy forward.
bluebird continues to forge new paths as a standalone commercial gene therapy company, combining our real-world experience with a deep commitment to patient communities and a people-centric culture that attracts and grows a diverse flock of dedicated birds.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication is not an offer to buy nor a solicitation of an offer to sell any securities of bluebird. The solicitation and the offer to buy shares of bluebird’s common stock is being made pursuant to a Tender Offer Statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials, that were filed by Parent and Merger Sub with the SEC on March 7, 2025. In addition, bluebird has filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on March 7, 2025. The tender offer materials and the Solicitation/Recommendation statement, as they may be amended from time to time, contain important information that should be read carefully when they become available and considered before any decision is made with respect to the tender offer. Investors will be able to obtain a free copy of these materials and other documents filed by Parent, Merger Sub and bluebird with the SEC at the website maintained by the SEC at www.sec.gov. Investors may also obtain, at no charge, copies of these materials and other documents by calling Innisfree M&A Incorporated, the information agent for the Offer, toll-free at (877) 825-8793 for stockholders or by calling collect at (212) 750-5833 for banks or brokers.
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS, INCLUDING THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 OF BLUEBIRD AND ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.
Forward-Looking Statements
The statements included in this press release that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on bluebird’s current beliefs and expectations and include, but are not limited to: statements regarding beliefs about the potential benefits of the transaction contemplated by the Merger Agreement; the planned completion and timing of the transaction contemplated by the Merger Agreement; statements regarding bluebird’s future results of operations and financial position; bluebird’s expectations with respect to the commercialization of its products, including without limitation, patient demand, the timing and amount of revenue recognition; and bluebird’s ability to establish favorable coverage for its therapies. Risks and uncertainties that could cause results to differ from expectations include: uncertainties as to the timing and completion of the Offer and the Merger; uncertainties as to the percentage of bluebird stockholders tendering their shares in the Offer; the possibility that competing offers will be made; the possibility that various closing conditions for the Offer or the Merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable regulatory and/or governmental entities (or any conditions, limitations or restrictions placed on such approvals); risks relating to bluebird’s liquidity during the pendency of the Offer and the Merger or in the event of a termination of the Merger Agreement; risks that the milestone related to the contingent value right is not achieved; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, vendors and other business partners; risks related to diverting management’s attention from bluebird’s ongoing business operations; the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability; delays and challenges in bluebird’s commercialization and manufacturing of its products, including challenges in manufacturing vector for ZYNTEGLO and SKYSONA to meet current demand; the internal and external costs required for bluebird’s ongoing and planned activities, and the resulting impact on expense and use of cash, has been, and may in the future be, higher than expected, which has caused bluebird, and may in the future cause bluebird, to use cash more quickly than it expects or change or curtail some of its plans or both; substantial doubt exists regarding bluebird’s ability to continue as a going concern; bluebird’s expectations as to expenses, cash usage and cash needs may prove not to be correct for other reasons such as changes in plans or actual events being different than bluebird’s assumptions; the risk that additional funding may not be available on acceptable terms, or at all; risks related to bluebird’s loan agreement, including the risk that operating restrictions could adversely affect bluebird’s ability to conduct its business, the risk that bluebird will not achieve milestones required to access future tranches under the agreement, and the risk that bluebird will fail to comply with covenants under the agreement, including with respect to required cash and revenue levels, which could result in an event of default; the risk that the efficacy and safety results from bluebird’s prior and ongoing clinical trials will not continue or be seen in the commercial context; the risk that the QTCs experience delays in their ability to enroll or treat patients; the risk that bluebird experiences delays in establishing operational readiness across its supply chain; the risk that there is not sufficient patient demand or payer reimbursement to support continued commercialization of bluebird’s therapies; the risk of insertional oncogenic or other safety events associated with lentiviral vector, drug product, or myeloablation, including the risk of hematologic malignancy; the risk that bluebird’s products, including LYFGENIA, will not be successfully commercialized; and other risks and uncertainties pertaining to bluebird’s business, including the risks and uncertainties detailed in bluebird’s prior filings with the SEC, including under the heading “Risk Factors” in bluebird’s Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Reports on Form 10-Q filed with the SEC.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update these statements to reflect events or circumstances after the date hereof, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250416282825/en/
Investors:
Courtney O’Leary
978-621-7347
coleary@bluebirdbio.com
Media:
Jess Rowlands
857-299-6103
jess.rowlands@bluebirdbio.com
Source: bluebird bio, Inc.
FAQ
What is the current acquisition offer for bluebird bio (BLUE) from Carlyle and SK Capital?
Why did bluebird bio (BLUE) reject Ayrmid's higher offer of $4.50 per share?
When is the deadline for BLUE shareholders to tender their shares in the Carlyle deal?
What risks does bluebird bio (BLUE) face without this acquisition deal?
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