News Column

bluebird bio Acquires Precision Genome Engineering

July 8, 2014

bluebird bio reported that it has purchased Precision Genome Engineering or Pregenen.

"We are excited to add Pregenen's team and their unique gene editing platform to bluebird as it will further expand and lever our gene therapy product platform," said Nick Leschly, chief bluebird. "While we remain focused on driving our core programs forward, this acquisition represents a significant investment in our stated strategy to integrate emerging technologies that can enhance our ability to develop innovative and potentially transformative gene therapy and cancer immunotherapy products for patients."

"Pregenen is a recognized leader in the development and reprogramming of novel Homing Endonuclease and MegaTAL based enzymes that provide a highly specific and efficient way to silence, edit, or insert genetic components" said Co-founder Andrew Scharenberg M.D. "Teaming up with bluebird allows us to further expand and translate our gene editing and cell signaling technologies into potentially new and impactful human therapeutics, and provides an opportunity to complement bluebird's established HSC and CAR-T cell product platforms to develop the next generation of gene therapy product candidates."

Under the terms of the agreement, bluebird bio issued the former stakeholders of Pregenen 408,667 shares of bluebird common stock at closing, and paid or assumed approximately $4.9 million of current liabilities of Pregenen and its stakeholders, the Company noted in its release.

The company noted that the former stakeholders of Pregenen are also eligible to receive up to an additional $15.0 million in cash upon the achievement of certain preclinical milestones as well as $20.1 million in cash upon achievement of certain clinical milestones and $99.9 million in cash upon the achievement of certain commercial milestones with respect to product candidates identified using Pregenen's technology.

bluebird bio hosted a conference call at 4:30 pm EDT on Monday, June 30, to discuss the transaction. The webcast replay is available on the "Calendar of Events" section of bluebird bio's website for at least 72 hours following the call.

bluebird bio is a clinical-stage company committed to developing potentially transformative gene therapies for severe genetic and orphan diseases.

Precision Genome Engineering (Pregenen) is a privately-held biotechnology company designing and engineering molecules critical to a new generation of gene and cell-based therapies for unmet medical needs.

Webcast information:

www.bluebirdbio.com

More information:

www.bluebirdbio.com/investor-splash.html

http://investor.bluebirdbio.com/phoenix.zhtml?c=251820&p=irol- irhome

((Comments on this story may be sent to newsdesk@closeupmedia.com))


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