On Monday, Bristol Myers Squibb & Co BMY agreed to acquire 2seventy bio, Inc. TSVT at $5.00 per share in an all-cash transaction for a total equity value of approximately $286 million, or $102 million net of estimated cash.

The deal, which represents an 88% premium to the closing price of $2.66 on March 7, 2025, is expected to close in the second quarter of 2025.

Also Read: Bristol Myers Squibb Warns Near-Term Impact Due To Generics On 2025 Sales Forecast, Outlines $2 Billion In Additional Cost Cuts

In September, the companies discontinued enrollment in its ongoing Phase 3 KarMMa-9 study of Abecma (idecabtagene vicleucel; ide-cel) with lenalidomide maintenance versus lenalidomide maintenance alone for newly diagnosed multiple myeloma (NDMM) who have suboptimal response to autologous stem cell transplant.

“Consistent with our focus on capital allocation and creating value for all stakeholders, we anticipate this decision will conserve over $80 million in near-term expenditures and accelerate our path to breakeven in 2025,” said Chip Baird, CEO of 2seventy bio.

In November 2021, 2seventy bio announced its official launch as an independent, publicly traded company from bluebird bio Inc BLUE.

In February, Carlyle Group Inc. CG and SK Capital Partners agreed to acquire bluebird bio.

In April 2024, the FDA approved Bristol-Myers and 2seventy Bio's Abecma (idecabtagene vicleucel; ide-cel) for adult patients with relapsed or refractory multiple myeloma after two or more prior lines of therapy.

Price Action: TSVT stock is up 76.4% at $4.9, and BMY stock is down 1.04% at $62.45 during the premarket session at the last check Tuesday.

Read Next:

• Eaton Strengthens Data Center Strategy With $1.4 Billion Fibrebond Acquisition

Photo: Shutterstock