bluebird bio, Inc. announced that it will receive up to $175 million in four tranches on March 18, 2024. The transaction included participation from new lender Hercules Capital, Inc. The company has signed the loan agreement.

On the same date, the company received $75 million in its first tranche. The company may draw upon two additional tranches of $25 million each, subject to satisfaction of certain conditions, including achievement of commercial milestones. The facility also provides for a fourth tranche of $50 million, available at the lender?s discretion. Based on launch estimates and current business plans, and assuming three tranches totaling $125 million are executed, the transaction is projected to extend the company?s cash runway through Q1 2026. A fourth tranche of up to $50 million may be available at the sole discretion of Hercules. During the first three years of the five-year term, the Company will be responsible for paying only the interest on any amounts borrowed; any outstanding balance as of April 1, 2027 will be amortised over the remaining life of the loan. The additional details of the loan agreement will be filed with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K.