(Bloomberg) -- Bluebird Bio Inc. sold one of its two priority review vouchers to Argenx SE for $102 million, providing the biotech company with a much-needed cash infusion. 

Bluebird received the two vouchers from the US Food and Drug Administration earlier this year in exchange for introducing two gene therapies for rare diseases afflicting children. The FDA grants the fast passes to entice drug developers to pursue treatments for conditions that might otherwise be overlooked. Companies receive them upon approval of the treatment and can keep them for themselves or sell them. 

The voucher sale will provide a lifeline for Bluebird, which in March warned it was at risk of going out of business without raising more money. Bluebird had $141 million in cash at the end of the third quarter. 

“With the sale of our first priority review voucher, we have significantly strengthened our financial outlook,” Bluebird Chief Executive Officer Andrew Obenshain said in a statement. 

Bluebird executives had told investors each credit could go for between $100 million and $110 million. Some companies have fetched slightly higher prices than Bluebird, such as BioMarin Pharmaceutical Inc.’s sale for $110 million earlier this year. 

Bluebird will receive the payment upon closing of the transaction. Shares of Bluebird rose 2.6% to $7.85 at 9:32 a.m. in New York trading. They’ve slid 23% this year through Tuesday’s close. 

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