24/7 Market News Snapshot 11 March, 2025 – 2seventy bio, Inc. Common Stock (NASDAQ:TSVT)
DENVER, Colo., 11 March, 2025 (247marketnews.com) – (NASDAQ:TSVT) are discussed in this article.
2seventy bio, Inc. has recently captured significant attention with its stock price soaring to $3.905 in pre-market trading, reflecting a substantial 39.46% increase from its previous close of $2.80. The surge, accompanied by a trading volume of 762.25K shares, underscores strong investor interest and optimism surrounding the company’s future prospects.
In a major development, 2seventy bio has also entered into a definitive merger agreement with Bristol Myers Squibb (BMY), where Bristol Myers Squibb will acquire 2seventy bio for $5.00 per share in a cash transaction valued at approximately $286 million. This acquisition represents an impressive 88% premium over the company’s closing price on March 7, 2025, further highlighting the strong market confidence in 2seventy bio’s potential.
Chip Baird, CEO of 2seventy bio, expressed that the focus on enhancing the value of Abecma, the company’s innovative therapy for multiple myeloma, has led to this strategic milestone. He emphasized that Bristol Myers Squibb is exceptionally equipped to expedite the development and broaden the accessibility of this critical therapy to patients.
The merger will proceed with a tender offer initiated by Bristol Myers Squibb for all outstanding shares of 2seventy bio, with unanimous support from the 2seventy bio Board of Directors to accept the terms. The transaction is anticipated to close in the second quarter of 2025, contingent upon customary closing conditions. Following the acquisition, 2seventy bio’s shares will no longer be traded on Nasdaq.
This strategic move not only reinforces the ongoing partnership between Bristol Myers Squibb and 2seventy bio over Abecma, the first FDA-approved CAR T-cell therapy for multiple myeloma, but also signifies a pivotal advancement in the oncology landscape. Both companies remain committed to enhancing patient care and fostering innovation in cancer treatment.