bluebird bio sets IPO price at $170 per share
25/06/2015 12:19

bluebird bio, a clinical-stage company, has announced the pricing of an underwritten public offering of 2,941,176 shares of its common stock at a public offering price of USD 170.00 per share, before underwriting discounts.

“In addition, bluebird bio has granted the underwriters a 30-day option to purchase from it up to an additional 441,176 shares of common stock,” the company said in a filing to exchange.

The offering is expected to close on or about June 29, 2015, subject to customary closing conditions.

BofA Merrill Lynch, Morgan Stanley and Cowen and Company are acting as joint book-running managers of the proposed offering. SunTrust Robinson Humphrey, Wedbush PacGrow and Roth Capital Partners are acting as co-managers.

bluebird bio anticipates the total gross proceeds from the offering (before deducting underwriters' discounts and commissions and estimated offering expenses) will be approximately USD 500 million, excluding any exercise of the underwriters’ option to purchase additional shares.

The company intends to use the proceeds of this offering primarily to advance its immuno-oncology programs, build its commercial infrastructure to support a potential conditional commercial launch in Europe, expand its manufacturing capabilities to support ongoing and anticipated development and commercial efforts and initiate clinical studies of LentiGlobin in adult, adolescent and pediatric subjects with beta-thalassemia major. The balance will be used for general and administrative expenses, potential future development programs, early-stage research and development, capital expenditures and working capital and other general corporate purposes.