bluebird bio to Spin Off Its Oncology Business

A biotech that has been developing new treatments for cancer and cures for severe genetic diseases will soon become a pair of more-focused independent companies. On Monday, bluebird bio (NASDAQ: BLUE) announced its intent to spin off its oncology business.

The transition is expected to take place this year. The rare disease treatment portfolio will remain with bluebird bio, and the current president of that segment of the company, Andrew Obenshain, will become its CEO. Nick Leschly, bluebird bio's current CEO, will take the helm of the spin-off, currently being called Oncology Newco.

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Source Fool.com