2seventy bio Inc. has announced a definitive merger agreement under which Bristol Myers Squibb will acquire all of the outstanding shares of 2seventy bio in an all-cash transaction for a price of $5.00 per share. This transaction values the company at approximately $286 million, or $102 million net of estimated cash.

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. Bristol Myers Squibb is acquiring 2seventy bio primarily to gain full control and maximize the value of Abecma, a cell therapy used to treat multiple myeloma.

Chip Baird, CEO, 2seventy bio, said: “We believe that Abecma will continue to benefit from BMS’ experience and resources to ensure this important therapy is delivered to patients who need it. I would like to express my deep gratitude for current and past 2seventy team members and more broadly the dedicated community of patients, scientists, providers and partners that helped take cell and gene therapy from a complicated idea to reality for patients.”

The closing of the transaction is expected to occur in the second quarter of 2025 and is subject to customary closing conditions.

Following the completion of this transaction, 2seventy bio’s common stock will no longer be listed for trading on Nasdaq.

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