On September 8, 2021 bluebird bio, Inc. (NASDAQ: BLUE) reported that it has entered into an agreement for a $75 million private placement of common stock and common stock equivalents with a healthcare investment fund selected as part of a competitive process (Press release, bluebird bio, SEP 8, 2021, View Source [SID1234587406]). Proceeds from the financing will support ongoing R&D and commercialization investments for bluebird bio and for 2seventy bio, which plan to launch as independent companies in October 2021. The closing of the private placement is expected to occur in September 2021, subject to the satisfaction of customary closing conditions.

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"When combined with the approximately $900 million of cash expected at the time of separation, this $75 million equity investment further strengthens the starting financial position of both businesses," said Nick Leschly, chief bluebird. "We look forward to sharing more detail on the innovative and transformative therapies being developed as well as the pipeline, milestones, and strategic outlook for both companies as we head into separation and beyond."

bluebird plans to complete the spin-off of 2seventy in October 2021, subject to customary conditions, including effectiveness of the Form 10, a favorable opinion from the IRS with respect to the tax-free nature of the transaction, and final approval from bluebird’s Board of Directors.