By Dean Seal
Shares of Bluebird Bio Inc. fell 12.5% to $3.90 Thursday after the company entered into an equity-distribution agreement with Goldman Sachs to sell up to $75 million in stock.
The clinical-stage biotechnology company disclosed the agreement in a regulatory filing on Wednesday.
Bluebird said it intends to sell shares “from time to time in varying amounts” as it needs capital, with a cap of $75 million in gross sales proceeds. Goldman will receive up to 3% commission on the gross proceeds.
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