Bristol Myers Squibb (BMS) acquired cancer therapy partner 2seventy bio for $286 million, ending its partnership over Abecma, a CAR-T treatment for multiple myeloma. In 2024, Abecma generated $406 million in sales globally, with BMS paying $43 million to 2seventy under their profit-sharing deal. The buyout aims to eliminate future shared costs and strengthen BMS’ portfolio amid looming patent expirations for top drugs like Yervoy and Eliquis.
Launched in 2021 as a spinoff from bluebird bio, 2seventy focused on Abecma but struggled financially, selling its pipeline for $5 million upfront earlier this year. BMS CEO Chris Boerner emphasized the deal aligns with cost-cutting goals, targeting $3.5 billion in savings by 2027. The acquisition, priced at a 88% premium to 2seventy’s closing share price, requires regulatory approval and shareholder tender.
Source: https://www.biospace.com/business/bms-buys-abecma-partner-2seventy-for-286m-ending-cost-sharing-agreement