2seventy bio announced a definitive merger agreement under which Bristol Myers Squibb (BMS) will buy all of the outstanding shares of 2seventy bio for $5 per share in an all-cash deal for a total equity value of approximately $286 million, or $102 million net of estimated cash. The deal represents an 88% premium to the closing price of $2.66 on March 7, 2025.
Under the terms of the deal, BMS will promptly commence a tender offer to acquire all outstanding shares of 2seventy bio at a price of $5.00 per share in an all-cash transaction. And 2seventy bio’s Board of Directors unanimously recommends that 2seventy bio stockholders tender their shares in the tender offer.
The closing of the deal is expected to occur in the second quarter of 2025 and is subject to customary closing conditions. Following the completion of this deal, 2seventy bio’s common stock will no longer be listed for trading on Nasdaq.
Goldman Sachs is serving as exclusive financial advisor to 2seventy bio, and Goodwin Procter LLP is serving as legal counsel.
KEY QUOTES:
“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. The strategic rationale for this acquisition is clear and today’s announcement represents the culmination of the journey for 2seventy bio. 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.”
- Chip Baird, chief executive officer, 2seventy bio
