Bluebird Bio Acquires Privately Held Precision Genome Engineering - Quick Facts

(RTTNews) - bluebird bio, Inc. (BLUE) announced that it has acquired Precision Genome Engineering, Inc., or Pregenen, a privately held biotechnology company headquartered in Seattle, Washington.

Giving a brief description on Pregenen, the company said it is a leader in the development of gene editing and cell signaling technologies with a broad range of potential therapeutic applications.

Under the terms of the agreement, bluebird bio issued the former stakeholders of Pregenen 408,667 shares of bluebird common stock at closing, and paid or assumed about $4.9 million of current liabilities of Pregenen and its stakeholders. The former stakeholders of Pregenen are also eligible to receive up to an additional $15.0 million in cash upon the achievement of certain preclinical milestones as well as $20.1 million in cash upon achievement of certain clinical milestones and $99.9 million in cash upon the achievement of certain commercial milestones with respect to product candidates identified using Pregenen's technology.