Workflow
Bristol Myers Squibb Scoops Up Its Blood Cancer Drug Partner 2seventy Bio In $286 Million Deal
BMYBristol-Myers Squibb(BMY) Benzinga·2025-03-11 14:17

Acquisition Details - Bristol Myers Squibb & Co (BMY) has agreed to acquire 2seventy bio, Inc (TSVT) at 5.00pershare,totalinganequityvalueofapproximately5.00 per share, totaling an equity value of approximately 286 million, or 102millionnetofestimatedcash,representingan88102 million net of estimated cash, representing an 88% premium to TSVT's closing price of 2.66 on March 7, 2025 [1] - The acquisition is expected to close in the second quarter of 2025 [1] Financial Implications - The decision to acquire 2seventy bio is anticipated to conserve over 80millioninnear−termexpendituresandacceleratethepathtobreakevenfor2seventybioin2025,accordingtotheCEOChipBaird[3]RecentDevelopments−InSeptember,thecompaniesdiscontinuedenrollmentinthePhase3KarMMa−9studyofAbecmafornewlydiagnosedmultiplemyelomapatients[2]−TheFDAapprovedAbecmaforadultpatientswithrelapsedorrefractorymultiplemyelomaaftertwoormorepriorlinesoftherapyinApril2024[4]MarketReaction−Followingtheacquisitionannouncement,TSVTstockincreasedby76.480 million in near-term expenditures and accelerate the path to breakeven for 2seventy bio in 2025, according to the CEO Chip Baird [3] Recent Developments - In September, the companies discontinued enrollment in the Phase 3 KarMMa-9 study of Abecma for newly diagnosed multiple myeloma patients [2] - The FDA approved Abecma for adult patients with relapsed or refractory multiple myeloma after two or more prior lines of therapy in April 2024 [4] Market Reaction - Following the acquisition announcement, TSVT stock increased by 76.4% to 4.9, while BMY stock decreased by 1.04% to $62.45 during the premarket session [4]