Bristol Myers Squibb will acquire all outstanding shares of Abecma partner 2seventy bio at a price of $5.00 per share in an all-cash transaction for a total equity value of approximately $286 million.
The deal, which was unanimously recommended by 2seventy bio’s board of directors, is expected to close in the second quarter of 2025, at which point 2seventy’s common stock will no longer be listed on the Nasdaq.
Abecma, a BCMA-targeted CAR-T therapy that 2seventy jointly developed and commercialized with BMS, became the first cell-based gene therapy approved by the FDA for the treatment of multiple myeloma in 2021. In September 2023, the bluebird spinout revealed a "return to growth" strategy for Abecma, laying off 40% of its workforce and pushing to bring the therapy into earlier lines of treatment for multiple myeloma. The company’s efforts seemingly paid off, with the treatment winning expanded approval for earlier use in multiple myeloma in April 2024.
2seventy continued its singular focus on Abecma, selling the full development and commercialization rights to its pipeline of immune cell therapies, along with its discovery and clinical manufacturing capabilities, to Regeneron in January 2024 and then selling off the rights its hemophilia A program and in vivo gene editing technology to Novo Nordisk in June 2024.
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