bluebird declares 3:1 stock ratio on 2seventy spin-off Oct. 08, 2021 5:36 PM ETbluebird bio, Inc. (BLUE)By: Shweta Agarwal, SA News Editor4 Comments bluebird (NASDAQ:BLUE) releases update on its planned spin-off of its oncology programs and portfolio into 2seventy as a publicly traded company. Upon completion, the company plans to distribute shares in 3:1 ratio to the outstanding shareholders, which means for every 3 shares of bluebird bio stock, current shareholders will receive 1 share of 2seventy bio stock. Cash, cash equivalents and marketable securities balance at separation is estimated to be ~$1.0B, inclusive of $110M proceeds from the recent sale of the bluebird's manufacturing facility in North Carolina and its $75M private placement equity financing. bluebird bio expects to fund 2seventy bio with ~$480M in cash upon separation, with the balance to be retained by bluebird bio. The spin-off will see bluebird's president, severe genetic diseases, Andrew Obenshain taking the role of chief executive officer of bluebird and its chief Nick Leschly as CEO of 2seventy. Completion of the transaction is expected by early November 2021 |