Bluebird's stock falls 21% as it says it will focus on U.S. market for gene therapies, citing 'European payers'

Shares of Bluebird Bio Inc. BLUE, -3.25% were down 21.6% successful premarket trading connected Monday aft the institution announced respective setbacks to its concern arsenic portion of its second-quarter net announcement. Bluebird plans to upwind down its cistron therapy operations successful Europe, citing "European payers," which are chiefly governments there. "European payers person not yet evolved their attack to cistron therapy successful a mode that tin admit the innovation and the expected life-long payment of these products," Bluebird enforcement Andrew Obenshain said successful a quality release. The institution said it whitethorn licence its 3 investigational cistron therapies to a European company. Bluebird besides said the Food and Drug Administration had placed a clasp connected its experimental Eli-cel merchandise aft a imaginable adverse lawsuit from a Phase 3 objective study. Bluebird plans to implicit its submission to the U.S. regulator sometime this twelvemonth erstwhile the clasp is lifted. Eli-cel, oregon elivaldogene autotemce, is simply a attraction for cerebral adrenoleukodystrophy, a uncommon illness that affects young boys. Bluebird's banal is down 42.1% for the year, portion the broader S&P 50 SPX, +0.17% is up 18.2%.