With debt looming, Bluebird accepts buyout offer from Carlyle, SK Capital

With few financial alternatives available, gene therapy pioneer Bluebird has accepted a buyout offer from Carlyle and SK Capital that values the company at a fraction of its current market cap — although the deal is structured with a sales milestone that could eventually bring more returns to shareholders.

The deal ends a long road for Bluebird Bio Inc. as a standalone company, stretching back to 1992 as Genetix Pharmaceuticals Inc. Its history is emblematic of the struggles of gene therapy companies to achieve commercial success, and its future will now depend on what its private equity owners and its new CEO can spur it to accomplish...