(RTTNews) – bluebird bio Inc. (BLUE) said it has priced its underwritten public offering of approximately 83.33 million shares of its common stock at a public offering price of $1.50 per share, before deducting underwriting discounts and commissions.
BLUE closed Tuesday’s regular trading at $2.43, down $0.62, or 20.33%.
Bluebird also granted the underwriters a 30-day option to purchase an additional 12.50 million shares of common stock at the public offering price per share, less underwriting discounts and commissions.
The company expects gross proceeds from the public offering to be $125 million, before deducting underwriting discounts and commissions and expenses payable by Bluebird, and assuming the underwriters’ option to purchase additional shares of common stock is not exercised. All shares in the offering will be sold by Bluebird.
Bluebird intends to use the net proceeds from the offering to support the commercialization and manufacturing of its three approved gene therapies, ZYNTEGLO, SKYSONA and LYFGENIA; and to finance working capital and other general corporate purposes.
The offering is expected to close on or about December 22, 2023.
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