By Colin Kellaher
Shares of 2seventy bio took flight Tuesday after the biotechnology company agreed to be acquired by partner Bristol Myers Squibb.
Bristol Myers is paying $5 a share in cash for 2seventy, a 79% premium to Monday's closing price of $2.80 for the Cambridge, Mass., company.
The deal, slated to close in the second quarter, carries a total equity value of about $286 million, or $102 million net of 2seventy's estimated cash.
2seventy shares were recently up 77% to $4.95 in premarket trading.
Princeton, N.J., biopharmaceutical company Bristol Myers and 2seventy are partners on the gene therapy Abecma, which is approved in the U.S. for adults with the blood cancer multiple myeloma.
The companies are jointly developing and commercializing Abecma in the U.S., with Bristol Myers responsible for manufacturing and commercialization outside of the U.S.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
By Colin Kellaher
Shares of 2seventy bio took flight Tuesday after the biotechnology company agreed to be acquired by partner Bristol Myers Squibb.
Bristol Myers is paying $5 a share in cash for 2seventy, a 79% premium to Monday's closing price of $2.80 for the Cambridge, Mass., company.
The deal, slated to close in the second quarter, carries a total equity value of about $286 million, or $102 million net of 2seventy's estimated cash.
2seventy shares were recently up 77% to $4.95 in premarket trading.
Princeton, N.J., biopharmaceutical company Bristol Myers and 2seventy are partners on the gene therapy Abecma, which is approved in the U.S. for adults with the blood cancer multiple myeloma.
The companies are jointly developing and commercializing Abecma in the U.S., with Bristol Myers responsible for manufacturing and commercialization outside of the U.S.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 11, 2025 05:58 ET (09:58 GMT)
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