Bristol buys 2seventy while it’s down
Since splitting from Bluebird Bio in 2021, the Car-T player 2seventy bio has haemorrhaged value, and on Monday evening the company succumbed to a cut-price takeout by its partner Bristol Myers Squibb. The groups’ collaboration on the BCMA-targeting Abecma originated in 2018, via a deal between Bluebird and Celgene; the latter was then acquired by Bristol. The big pharma will soon have full control of Abecma for just $5 per share, or $286m in total; a bargain compared with 2seventy’s $26 share price when it first spun off from Bluebird. Since then, things have gone downhill, with Abecma facing competition from Johnson & Johnson and Legend’s more efficacious Carvykti, as well as BCMA bispecifics like J&J’s Tecvayli. Abecma sold $406m worldwide in 2024, versus Carvykti’s $963m. There’s also the question of how to make autologous Car-T profitable; 2seventy previously said it hoped to break even by the end of 2025. This will now be exclusively Bristol’s problem, although given the low price tag a buyout probably makes sense. Bluebird was also recently acquired by private equity for $29m up front, an ignominious end for a company worth around $10bn at its 2018 peak.
Timeline to a takeout: the rise and fall of 2seventy bio
| Date | Event |
|---|---|
| Mar 2025 | 2seventy agrees to be acquired by Bristol Myers Squibb for $5 per share ($286m total, or $102m net of estimated cash) |
| Sep 2024 | 2seventy & Bristol discontinue Karmma-9 trial of Abecma in 1st-line MM, citing the changing treatment landscape |
| Jun 2024 | 2seventy sells haemophilia A candidate & in vivo gene editing tech to Novo Nordisk for “up to $40m” |
| Apr 2024 | FDA approves Abecma for 3rd-line MM (approves Carvykti for 2nd-line MM) |
| Jan 2024 | 2seventy agrees to sell its R&D pipeline to Regeneron for $5m up front, to focus exclusively on Abecma. 160 workers to join Regeneron & more job cuts made. Chip Baird named as incoming CEO |
| Jan 2024 | FDA requires new labelling on Car-T therapies warning of risks of secondary cancers |
| Sep 2023 | Nick Leschly steps down as CEO & 2seventy announces 40% headcount reduction |
| Mar 2022 | 2seventy cuts 6% of its workforce |
| Feb 2022 | FDA approves J&J/Legend’s rival Car-T Carvykti for 5th-line-plus MM |
| Nov 2021 | New company completes spin out and begins trading as 2seventy bio, with shares worth ~$26. The name refers to the maximum speed of translating human thought into action: 270 miles per hour |
| Mar 2021 | Abecma receives first FDA approval for 5th-line-plus MM |
| Jan 2021 | Bluebird Bio announces plans to spin off its oncology business. The unnamed company will be led by chief bluebird, Nick Leschly |
| Jan 2019 | Bristol Myers Squibb agrees to acquire Celgene for $74bn |
| Mar 2018 | Bluebird Bio & Celgene agree to codevelop the BCMA-targeting Car-T bb2121 (later branded Abecma) in the US |
Source: OncologyPipeline.
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