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

USA—Bristol Myers Squibb (BMS) has announced its decision to acquire 2seventy bio, a long-standing partner in cell therapy, in a deal valued at US$286 million.

The agreement, disclosed after markets closed on March 10, 2025, offers US$5 per share, representing an impressive 88% premium over 2seventy bio’s closing price of US$2.66 on March 7.

This transaction is expected to be completed in the second quarter of 2025, leading to the delisting of 2seventy Bio’s stock from NASDAQ.

This acquisition marks a pivotal move for BMS, which has worked alongside 2seventy Bio since its spin-off from Bluebird Bio in 2021.

Together, they co-developed Abecma (idecabtagene vicleucel), a CAR T-cell therapy aimed at BCMA for treating multiple myeloma.

Although Abecma received FDA approval in April 2024, it has faced fierce competition from Johnson & Johnson and Legend Biotech’s Carvykti (ciltacabtagene autoleucel), which is approved for second-line treatment.

Abecma is currently restricted to being used in third-line therapy or later, which has led to a decline in sales.

Sales are projected to be US$406 million in 2024, a decrease from US$472 million in the previous year.

The strategic rationale behind this acquisition is to streamline Abecma’s commercialization under BMS’s umbrella while also removing profit-sharing expenses.

However, Abenma’s future revenue potential seems modest compared to Carvykti, which is forecasted to generate US$7.2 billion in sales by 2030, dwarfing Abenma’s projected US$775 million.

For 2seventy Bio, this deal marks the end of a difficult period characterized by divestments and restructuring.

In 2023, the company sold its R&D pipeline, which included cell therapy candidates for non-Hodgkin lymphoma and acute myeloid leukemia, to Regeneron for an upfront payment of only US$5 million.

In mid-2024, the company further divested assets to Novo Nordisk, including a hemophilia A program and gene-editing technology. This decision positioned Abecma as the company’s primary focus.

Despite the challenges, Chip Baird, CEO of 2seventy bio, expressed a positive outlook regarding the acquisition.

He emphasized that BMS’s comprehensive resources and expertise would enable patients to effectively access Abecma while also acknowledging the collaborative efforts of the scientific and patient communities that made advancements in cell therapy possible.

This acquisition comes as Bluebird Bio, a company closely linked to 2seventy’s origins, has encountered financial difficulties that required intervention from investment firms Carlyle and SK Capital Partners.

These challenges emphasize the competitive pressures in the cell therapy arena and illustrate BMS’s strategic maneuver to solidify its position in the market.

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