BLUE - bluebird bio: Potential For 3 Gene Therapy Approvals In 12 Months Makes Buy Case

• bluebird bio has had its fair share of problems over the years, but remains a pioneering gene therapy company.
• Last week, an FDA Advisory Committee voted unanimously in favour of approving 2 of bluebird's drugs - for Beta thalassemia and cerebral adrenoleukodystrophy.
• There is a ~$100m peak sales opportunity here, which may be small, but ought to reduce bluebird's heavy losses and provides valuable validation for the scientific approach.
• There is also a Sickle Cell Disease therapy which has met endpoints in its pivotal trial and could be approved in 2023.
• bluebird has run up an accumulated deficit of >$3.5bn over the years but a restructuring is reducing cash burn, and commercialisation appears near - resulting in Buy opportunity in my view.

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