bluebird bio, Inc. (NasdaqGS:BLUE) agreed to spin-off severe genetic disease and oncology businesses on January 11, 2021. Pursuant to the terms of the spin-off, bluebird bio, Inc., will separate its severe genetic disease and oncology businesses into differentiated and independent publicly traded companies. bluebird bio, Inc., will retain focus on severe genetic disease (SGD) and will launch its oncology business (“Oncology Newco”) as a new entity.

It is anticipated that the spin out of Oncology Newco is to be tax-free to shareholders. Upon separation, bluebird bio plans to distribute 100% of the outstanding shares of 2seventy bio common stock to bluebird's shareholders in a 3:1 ratio. For every three shares of bluebird bio stock, current shareholders will receive one share of 2seventy bio stock.

bluebird bio, Inc., plans for a tax-free spin-off of its oncology programs and portfolio into 2seventy bio as a publicly traded company. As of October 8, 2021, Najoh Tita-Reid has been appointed to the bluebird bio, Inc., board of directors. Sarah Glickman has balso been appointed to the bluebird bio, Inc., board of directors and is expected to join the 2seventy bio board of directors as Audit Committee Chair upon separation.

The transaction is subject to receipt of a favorable Internal Revenue Service (IRS) ruling. bluebird bio, Inc.'s Board of Directors approved the intent to separate into two companies. Closing of the separation anticipated to be in the Q4 2021.

As of October 8, 2021, the transaction is expected to complete in early November 2021. Goldman Sachs & Co. LLC is serving as exclusive financial adviser to bluebird bio and Goodwin Procter LLP is serving as its legal counsel.