NEW YORK – Bristol Myers Squibb and 2seventy Bio on Monday entered into a merger agreement in which BMS will acquire 2seventy for $286 million, ending the firms' cost-sharing agreement for the autologous CAR T-cell therapy Abecma (idecabtagene vicleucel).
Under the agreement, BMS is acquiring all outstanding shares of 2seventy for $5.00 per share in an all-cash transaction. BMS is paying an 88 percent premium on 2seventy's share closing price of $2.66 on March 7, 2025. The acquisition is expected to close in the second quarter of 2025. Goldman Sachs is serving as exclusive financial adviser to 2seventy Bio, and Goodwin Procter is serving as legal counsel.
Last year, Regeneron Pharmaceuticals acquired development and commercialization rights to nearly all of 2seventy's preclinical and clinical-stage cell therapy pipeline for $5 million upfront plus certain milestone payments. The only product remaining after the Regeneron acquisition was Abecma, a treatment for multiple myeloma, which 2seventy comarkets with BMS. In 2023, 2seventy also reduced its workforce by about 40 percent and paused development of its early-stage pipeline programs.
"A year ago, 2seventy decided to exclusively focus on unlocking the value of Abecma, with the goal of delivering more time for people living with multiple myeloma and maximizing value for all stakeholders," 2seventy CEO Chip Baird said in a statement. "The strategic rationale for this acquisition is clear and today's announcement represents the culmination of the journey for 2seventy bio. We believe that Abecma will continue to benefit from BMS's experience and resources to ensure this important therapy is delivered to patients who need it."
2seventy launched in 2021 when Bluebird Bio spun out its oncology business. Bluebird entered into a codevelopment and commercialization agreement in 2013 for its CAR T-cell therapies with Celgene, which was later acquired by BMS. In 2016, BMS exercised its option to gain commercialization rights to Abecma and entered into a co-promotion and profit share agreement for the drug in 2018.