bluebird buys Seattle-based biotech

|About: bluebird bio, Inc. (BLUE)|By:, SA News Editor

bluebird bio (BLUE -2.1%) acquires privately-held Precision Genome Engineering (Pregenen) in an all-stock deal. Pregenen stakeholders receive 408,667 BLUE shares but can earn up to $15M in cash based on achieving certain preclinical milestones, up to $20.1M in cash for achieving certain clinical milestones and up to $99.9M in cash for achieving certain commercial milestones. BLUE also assumes $4.9M in debt.

Progenen is a leader in the development of gene editing and cell signaling technologies with a broad range of potential therapeutic applications.