DURHAM – Bluebird bio, which has a significant presence in Durham, has raised $75 million in a stock offering and plans to use the funds to help with the costs of spinning off 2seventy as a separate oncology company in October.
The funding was announced Wednesday morning.
“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.”
The company (Nasdaq: BLUEz) noted that it plans to complete the 2seventy separation in October.