(Reuters) -Bristol Myers Squibb will acquire 2seventy bio for about $286 million in cash, sending the cancer cell therapy maker's shares up 76% in premarket trading on Tuesday. Late on Monday, 2seventy said Bristol Myers will acquire all outstanding shares of the company for $5.

The deal ends 2Seventy’s short run as an independent company, during which it restructured, sold off research and lost nearly all of its market value.

More than a year into a strategic pivot to zero in on the multiple myeloma cell therapy Abecma, 2seventy bio is selling itself to partner Bristol Myers Squibb. | More than a year into a strategic pivot to zero in on the multiple myeloma cell therapy Abecma,

Bristol-Myers Squibb acquires 2seventy bio for $286M, marking the end of a once-promising biotech. Check out if this is a good deal for BMY or TSVT.

The deal comes after a challenging few years for 2seventy bio, which had divested research programmes in recent years.

Cambridge: 2seventy bio, Inc. has announced a definitive merger agreement under which Bristol Myers Squibb will acquire all of the outstanding shares of 2seventy bio at a price of $5.00 per

Inc. has announced a definitive merger agreement under which BMS will acquire all of the outstanding shares of 2seventy bio.

Abecma is being jointly developed and commercialized in the U.S. as part of a co-development, co-promotion, and profit share agreement between Bristol Myers Squibb and 2seventy bio. Bristol Myers Squibb assumes sole responsibility for Abecma drug product manufacturing and commercialization outside of the U.S.

Bristol Myers Squibb to acquire 2seventy Bio for $5.00 per share in a $286 million all-cash deal, an 88% premium to its last close. Expected to close in Q2 2025.