2seventy bio rises on Bristol Myers buyout deal

2Seventy Bio

11/03/2025 09:12

** Shares of cancer therapy maker 2seventy bio TSVT.O rise 76.07% to $4.93 premarket

** Late on Monday, co said drugmaker Bristol Myers Squibb BMY.N to acquire all of the outstanding shares of TSVT at a price of $5.00 per share in an all-cash deal for a total equity value of about $286 million

** The offer represents an 88% premium to TSVT's closing price of $2.66 on March 7

** Deal expected to close in Q2 2025

** TSVT is in partnership with BMY for CAR T cell therapy Abecma

** TSVT shares fell ~31% in 2024

 (Reporting by Sriparna Roy in Bengaluru)

 ((Sriparna.Roy@thomsonreuters.com;))