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The approval Friday of Bluebird Bio’s gene therapy for sickle cell disease should have been a momentum-swinging achievement for the long-struggling biotech. Instead, the company mispriced its new drug and fumbled a pivotal financial lifeline.

The consequences of these strategic blunders — arguably, self-inflicted — could imperil Bluebird’s independence, perhaps even its survival.

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Bluebird priced Lyfgenia at $3.1 million, while Vertex Pharmaceutical set the cost of Casgevy, its competing sickle cell treatment also approved on Friday, at $2.2 million. Not only is Lyfgenia significantly more expensive, but its prescribing label carries a “black box” safety warning, which requires patients undergo regular blood monitoring for cancer risk. Casgevy has no similar monitoring requirement.

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