Private equity firms rescue bluebird bio out of its misery

Once the hottest property in biotech, gene therapy company bluebird bio (Nasdaq: BLUE) has been sold for less than $500 million after a long series of setbacks.

The Boston, USA-based firm has gone private in a deal worth a reported $477 million, including less than $30 million upfront.

Private equity firms Carlyle (Nasdaq: CG) and SK Capital Partners are the buyers, with bluebird stockholders to receive $3 per share in cash and a contingent value right of $6.84 per share in cash, payable upon achievement of a net sales milestone, contingent upon offer conditions.