Bristol Myers Squibb (BMS) has agreed to buy out 2seventy bio for a total equity value of about $286 million.
The two companies had previously partnered on Abecma, a multiple myeloma cell therapy, and this transaction will give BMS full control over the treatment. Lynelle Hoch, President of BMS’ Cell Therapy Organization, said this transaction “gives BMS full freedom to operate, improves efficiencies, and ensures appropriate business continuity for” Abecma.
This acquisition underscores the growing national prominence of Washington state’s life sciences sector, with BMS maintaining a key presence in Seattle and Bothell.