Shares of Bluebird Bio Inc. BLUE, +0.37% gained 5.1% in premarket trading on Monday after it announced plans to spin off its oncology business as a separate publicly-traded company. Bluebird will retain its genetic disease business. Bluebird CEO Nick Leschly will be named CEO of Oncology Newco and executive chair of Bluebird Bio, while Andrew Obenshain will be named CEO of Bluebird Bio. Both companies will be based in Cambridge, Mass. The company expects the separation to be closed in the fourth quarter of this year. Bluebird’s stock is down 46.4% over the last year, while the S&P 500 SPX, +0.55% is up 19.7%.
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