2seventy bio accepts Bristol Myers’ takeover bid

Shares of US biotech 2seventy Bio (Nasdaq: TSVT) skyrocketed almost 76% to $4.92 today, as it agreed to a takeover bid from US pharma major Bristol Myers Squibb (NYSE: BMY), which is looking to enhance its CAR T-cell therapy business.

BMS is offering to acquire all of the outstanding shares of 2seventy bio at a price of $5.00 per share in an all-cash transaction for a total equity value of about $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.

The deal value is well below Leerink Partners’ $487 million valuation for 2seventy based on the biotech’s expected future cash flows, as well as $9 a share from Citi in February.