Company Update (NASDAQ:BLUE): bluebird bio Inc and apceth Biopharma Announces Commercial Drug Product Manufacturing Agreement


bluebird bio Inc (NASDAQ:BLUE) and apceth Biopharma announced today that they have entered into a strategic manufacturing agreement providing for the future European commercial production of bluebird bio’s Lenti-D™ product candidate for cerebral adrenoleukodystropy and its LentiGlobin™ product candidate for transfusion-dependent β-thalassemia.

This agreement follows a successful multi-year manufacturing relationship and provides bluebird bio with European commercial manufacturing capabilities, including dedicated production suites within apceth Biopharma’s state-of-the-art GMP facility.

Under this multi-year agreement, apceth Biopharma will perform clinical manufacturing, process validation activities and commercial manufacturing for LentiGlobin and Lenti-D drug product to support the treatment of European patients with transfusion-dependent beta thalassemia and cerebral adrenoleukodystrophy, respectively.

“At bluebird, we are committed to not only developing potentially transformative therapies, but ensuring that we can deliver them to patients. For this reason, we are committed to investing in the capabilities and infrastructure necessary to support commercialization both in the U.S. and Europe,” said Nick Leschly, chief bluebird. “By partnering with multiple organizations, including our valued partner apceth Biopharma, we are able to develop integrated capabilities in manufacturing that can position us to effectively bring our future commercial products to patients in need.”

“We are very pleased to continue our successful contract manufacturing relationship with bluebird bio and plan to be the right partner in the future to enable product supply to European patients for clinical development and commercialization”, said Christine Guenther, apceth Biopharma’s CEO. “This long-term agreement confirms that apceth Biopharma is a valuable and reliable partner for our clients in the field of clinical and commercial cell and gene therapy manufacturing.” Ulrike Verzetnitsch, apceth Biopharma’s CTO, added: “We are very proud that our customized GMP manufacturing solutions and our deep commitment to the client’s needs and expectations are recognized by bluebird bio, leading to a long-term strategic manufacturing relationship between our companies.”(Original Source)

Shares of Bluebird bio closed yesterday at $69, up $0.45 or 0.66%. BLUE has a 1-year high of $79.70 and a 1-year low of $35.37. The stock’s 50-day moving average is $59.59 and its 200-day moving average is $55.41.

On the ratings front, Bluebird has been the subject of a number of recent research reports. In a report issued on December 12, Jefferies analyst Gena Wang reiterated a Buy rating on BLUE, with a price target of $88, which implies an upside of 28% from current levels. Separately, on December 6, Roth Capital’s Mark Breidenbach reiterated a Buy rating on the stock and has a price target of $87.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gena Wang and Mark Breidenbach have a yearly average loss of -9.3% and -27.2% respectively. Wang has a success rate of 34% and is ranked #4068 out of 4274 analysts, while Breidenbach has a success rate of 15% and is ranked #4166.

Overall, one research analyst has rated the stock with a Sell rating, 2 research analysts have assigned a Hold rating and 11 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $82.00 which is 18.8% above where the stock closed yesterday.

bluebird bio, Inc. is a clinical-stage biotechnology company. Its integrated product platform includes gene therapy, cancer immunotherapy, and gene editing.