Gene-Therapy Firm Bluebird Bio Is Spinning Off Its Cancer Programs
Shares of the gene-therapy biotech bluebird bio have tumbled in recent months, with the stock dropping 46.4% over the past year as the S&P 500 Health Care sector index has climbed 14.2%. Now, the company is trying something entirely different in an effort to stop the downward spiral. In a move announced Monday morning, bluebird (ticker: BLUE) said it planned to split into two public companies by the end of the year. One will focus on rare diseases and the other will work on treating cancer. “After careful strategic review, it is clear to us that the two businesses are best served by...