Bluebird Bio (BLUE:NSD) announced the pricing of its underwritten public offering of 20 million shares at a public offering price of $6.00 per share. The underwriters of the offering have been granted a 30-day option to purchase up to an additional 3 million shares. The gross proceeds from the public offering are expected to be $120 million.
The net proceeds from the offering will be used to support commercialization and manufacturing for bluebird bio’s two approved gene therapies, ZYNTEGLO and SKYSONA, as well as to fund working capital and other general corporate purposes.
Following the announcement, bluebird bio stock rose 2% during post-market hours. The offering is expected to close on January 21, 2021, subject to the satisfaction of customary closing conditions.
ZYNTEGLO is a gene therapy for the treatment of transfusion-dependent beta-thalassemia (TDT), a rare and debilitating genetic disorder. SKYSONA is a gene therapy for the treatment of sickle cell disease (SCD), another rare and debilitating genetic disorder. The company’s focus on developing and commercializing innovative gene therapies for serious genetic diseases has led to the approval of these two therapies, and the proceeds from this offering will support further development of these therapies and bring them to a larger patient population.
It is worth noting that, this offering comes after a strong year for bluebird bio stock, as shares of the company have gained 160% so far this year, as of the last close.
