Bristol Myers Squibb to acquire 2seventy Bio in US $286M deal

USA – Bristol Myers Squibb (BMS) has announced plans to acquire its longtime cell therapy partner, 2seventy bio, for US $286 million.

The deal, priced at US $5 per share, represents an 88% premium on 2seventy bio’s closing stock price on March 7, 2025.

The acquisition is expected to close in Q2 2025, with BMS’s net cost adjusted to US $102 million after accounting for 2seventy bio’s cash reserves.

BMS and 2seventy bio first partnered in 2021 when 2seventy bio spun out of bluebird bio. Together, they co-developed Abecma (idecabtagene vicleucel), a BCMA-targeted CAR-T cell therapy for multiple myeloma, which received FDA approval in April 2024.

However, Abecma has faced stiff competition, particularly from Carvykti (ciltacabtagene autoleucel), a rival BCMA CAR-T therapy developed by Johnson & Johnson and Legend Biotech.

Abecma generated US $406 million in sales in 2024, a decline from US $472 million in 2023, due to Carvykti’s rapid adoption.

Carvykti is approved for second-line treatment, whereas Abecma remains limited to third-line or later use.

Market projections suggest Carvykti will generate US $7.2 billion in sales by 2030, while Abecma is forecasted to reach US $775 million.

In September 2024, BMS and 2seventy bio stopped enrolling patients in the Phase III KarMMa-9 clinical trial (NCT06045806), which was testing Abecma for newly diagnosed multiple myeloma.

The decision was influenced by the evolving treatment landscape, particularly the adoption of intensive induction therapies like Carvykti.

The acquisition follows a difficult period for 2seventy bio. In 2023, the company sold its R&D pipeline—including cell therapy candidates for non-Hodgkin lymphoma (NHL), acute myeloid leukemia (AML), and ovarian cancer—to Regeneron for just US $5 million upfront.

It then focused solely on Abecma’s commercialization with BMS. Since then, 2seventy bio has cut jobs and sold additional assets, including a haemophilia A program and gene editing technology, which it offloaded to Novo Nordisk in June 2024.

Commenting on the deal, 2seventy bio’s CEO Chip Baird said: “The strategic rationale for this acquisition is clear, and today’s announcement represents the culmination of the journey for 2seventy bio.”

The acquisition comes at a challenging time for cell and gene therapy companies. Just weeks before, bluebird bio, 2seventy bio’s former parent company, was rescued by investment firms Carlyle and SK Capital Partners after facing financial struggles, declining stock performance, and cash flow concerns.