2seventy bio rallies after US FDA panel backs expanded use of CAR-T therapies

2Seventy Bio

18/03/2024 13:07

** Shares of 2seventy bio  TSVT.O  jumping 21.7% to $4.88
premarket after advisers to U.S. health regulator voted in favor
to allow use of Johnson & Johnson  JNJ.N  and Bristol Myers
Squibb's  BMY.N  cell therapies as earlier treatments for type
of blood cancer
    ** All 11 of FDA panel members late Fri unanimously agreed
benefits of JNJ and Legend Biotech's  LEGN.O  treatment,
Carvykti, outweighed risks of the therapy when given as an
earlier treatment
    ** Only eight voted in favor of BMY and partner TSVT's
Abecma
    ** Last Weds, FDA's staff reviewers presented concerns about
a pattern of early deaths observed in late-stage studies of both
the therapies
    ** Carvykti and Abecma are approved by the FDA to treat
patients with multiple myeloma who have received at least four
prior lines of treatment
    ** TSVT shares have lost 6% YTD and nearly 60% over the past
12 months through Fri
    ** BMY's shares up 0.3% before the bell, while JNJ's stock
off fractionally and LEGN's shares down 1.5% on thin volumes

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))