Bluebird bio marks new breed of biotech funding

摘要

High-flying orphan disease drug developer bluebird bio Last week made its third trip to the equity capital markets since its IPO two years ago, hauling in US$500m in an upsized equity offering, the proceeds of which will help to advance its immuno-oncology programmes. The deal ranks as the biggest non-M&A related biotech follow-on raising this year, topping a US$450m offering from alnylam Pharmaceuticals in January. Also in January, biomarin pharmaceutical took in US$800m on an equity sale to fund its acquisition of Prosensa. In an unusual precedent, bluebird bio turned to Bank of America Merrill Lynch, Morgan Stanley and Cowen to confidentially market a potential stock sale to a select group of investors on an intra-day basis on Tuesday. The banks broadened the marketing effort after the close, allowing them to signal fully covered and ultimately leading to two-times oversubscription on an enlarged US$500m, according to a source close to the process.