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2Seventy Bio Inc (TSVT) is a clinical-stage biotechnology company pioneering cell therapies for cancer treatment through innovative immuno-oncology research. This dedicated news hub provides investors and medical professionals with essential updates on the company’s scientific advancements and corporate developments.
Access real-time updates on clinical trial progress, regulatory milestones, and strategic partnerships shaping 2Seventy Bio’s pipeline of cellular therapies. Our curated collection includes earnings reports, research publications, and management commentary – all organized for efficient tracking of this precision medicine innovator.
Key coverage areas include novel therapy approvals, collaborative research initiatives with leading institutions, and analyses of the company’s position within the competitive cell & gene editing landscape. All content undergoes rigorous verification to ensure compliance with financial disclosure standards.
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2seventy bio (TSVT) has entered into a definitive merger agreement with Bristol Myers Squibb (BMS) at $5.00 per share in an all-cash transaction, expected to close in Q2 2025. The company reported key financial results for Q4 and full year 2024:
Their flagship product Abecma generated $242 million in U.S. sales for 2024. The company achieved a 79% reduction in year-over-year net cash spend through cost structure streamlining. Financial highlights include:
- Q4 2024 revenues: $2.9 million (vs $10.7 million in Q4 2023)
- Full year 2024 revenues: $37.9 million (vs $100.4 million in 2023)
- Q4 2024 net loss: $19.5 million (vs $56.8 million in Q4 2023)
- Full year 2024 net loss: $57.2 million (vs $217.6 million in 2023)
The company ended 2024 with $183.6 million in cash, cash equivalents, and marketable securities.
2seventy bio (TSVT) has entered into a definitive merger agreement to be acquired by Bristol Myers Squibb (BMY) in an all-cash transaction valued at $5.00 per share. The deal represents a total equity value of approximately $286 million, or $102 million net of estimated cash, offering an 88% premium to the closing price of $2.66 on March 7, 2025.
The transaction is expected to close in Q2 2025, subject to customary conditions including tender of majority shares and Hart-Scott-Rodino Act requirements. Stockholders owning approximately 5.3% of 2seventy bio's common stock have agreed to tender their shares. Following completion, 2seventy bio will be delisted from Nasdaq.
The strategic focus of the acquisition centers on Abecma, a B-cell maturation antigen-directed genetically modified autologous T cell immunotherapy for multiple myeloma treatment. Goldman Sachs & Co. serves as exclusive financial advisor to 2seventy bio, with Goodwin Procter LLP as legal counsel.
2seventy bio (Nasdaq: TSVT) announced that its management team will participate in a fireside chat at the TD Cowen 45th Annual Healthcare Conference on March 5, 2025 at 11:10 a.m. ET in Boston, Mass. The event will be webcast live via the Investors and Media section of 2seventy bio’s website, with replays available for 30 days post-event.
2seventy bio is dedicated to accelerating the translation of human thought into action to combat cancer, aiming to provide more time to patients. The company has a profound understanding of the immune system's response to tumor cells and is focused on delivering the first FDA-approved CAR T cell therapy for multiple myeloma to as many patients as possible.
For more information, visit their website or follow them on social media platforms such as X (Twitter) and LinkedIn.
2seventy bio (TSVT) reported preliminary full-year 2024 results for Abecma, achieving $242 million in U.S. sales, within their previous guidance of $240-250 million. The company ended 2024 with approximately $184 million in cash and equivalents, reporting a net cash burn of $9 million in Q4 2024.
The company expects to reach quarterly breakeven by the end of 2025, supported by their Abecma-focused strategy, which included R&D asset monetization and streamlined operations. Fourth quarter revenue was impacted by higher deferrals of infusions into 2025. The company shares profits and losses equally with Bristol Myers Squibb for Abecma's development, manufacturing, and commercialization in the U.S.
2seventy bio reported third quarter financial results, highlighting a 42% increase in Abecma U.S. commercial revenue to $77 million compared to the second quarter. The company anticipates Abecma revenues between $240-$250 million for 2024. Additionally, discontinuing the KarMMa-9 study is expected to save over $80 million. Operating expenses were reduced by 24% from the previous quarter, with a net loss of approximately $10 million for Q3. Cash reserves stood at $192 million, expected to last beyond 2027. Total revenues for Q3 were $13.5 million, up from $12.0 million in Q3 2023. R&D expenses dropped significantly to $8.3 million from $51.3 million in Q3 2023. The company will discuss these results in a conference call today.
2seventy bio (TSVT) has scheduled its third quarter 2024 financial results announcement for Tuesday, November 12, 2024, with a conference call and webcast at 8:00 a.m. ET. The company's management will also present at Guggenheim's Inaugural Healthcare Innovation Conference in Boston on November 13, 2024, at 10:00 a.m. ET. Both events will be accessible through the company's investor relations website, with conference replays available for 30 days following the events.
2seventy bio and Bristol Myers Squibb have decided to discontinue enrollment in the Phase 3 KarMMa-9 study evaluating Abecma in newly diagnosed multiple myeloma patients. This decision is expected to result in over $80 million in cost savings for 2seventy bio and accelerate their path to breakeven in 2025.
The company reports positive momentum for Abecma, with expected third quarter U.S. revenue growth of approximately 30% from the second quarter revenue of $54 million. Demand, measured by new patients undergoing apheresis, is also expected to show double-digit growth compared to Q2 2024.
2seventy bio remains committed to expanding Abecma's reach to multiple myeloma patients, citing its differentiated safety profile and competitive efficacy, particularly when combined with effective bridging therapies.
2seventy bio (Nasdaq: TSVT) announced its participation in the Morgan Stanley 22nd Annual Global Healthcare Conference on September 6, 2024 at 12:20 p.m. ET in New York. The company's management team will engage in a fireside chat, which will be webcast live on the company's website. Replays will be available for 30 days following the event.
2seventy bio is known for developing the first FDA-approved CAR T cell therapy for multiple myeloma. The company's name reflects its mission to work at maximum speed (270 miles per hour) to give cancer patients more time. 2seventy bio focuses on understanding the human body's immune response to tumor cells and translating cell therapies into practice.
2seventy bio reported its second-quarter financial results and operational progress. Key highlights include:
1. Abecma generated $54 million in U.S. commercial revenue, reflecting significant demand growth.
2. Successfully completed the sale of its Hemophilia A and gene-editing technology to Novo Nordisk for up to $40 million.
Financial Metrics:
- Net income: $24.9 million, compared to a net loss of $42.1 million in Q2 2023.
- Total revenues: $9.0 million, down from $36.0 million in Q2 2023.
- Cash reserves: $202 million, with a cash runway extending beyond 2027.
The company reduced operating expenses by 43% quarter-on-quarter due to the sale of its oncology R&D business to Regeneron.
2seventy bio aims for quarterly profitability by late 2025 and anticipates further revenue growth for Abecma in the third quarter of 2024.
2seventy bio (Nasdaq: TSVT) has announced it will release its second quarter 2024 financial results on August 7, 2024. The company will host a conference call and webcast at 8:00 a.m. ET to discuss the results. Investors can access the call via webcast on the company's website or register for dial-in details. 2seventy bio is known for developing the first FDA-approved CAR T cell therapy for multiple myeloma. The company's name reflects its mission to work at maximum speed (270 miles per hour) to give cancer patients more time. 2seventy bio focuses on understanding the human body's immune response to tumor cells and translating cell therapies into practice.
