M&A: Week 12
In this week's M&A review
- 2Seventybio to be acquired by Bristol Myers Squibb for US$286 million in cash deal
2Seventybio to be acquired by Bristol Myers Squibb for US$286 million in cash deal
2Seventybio has announced a definitive merger agreement under which Bristol Myers Squibb (BMS) will acquire the company in an all-cash transaction for a total equity value of approximately US$ 286 million. The transaction has been approved by both companies and is expected to close in Q2 of this year.
2Seventybio and BMS co-developed Abecma (idecabtagene vicleucel)a BCMA-targeted CAR-T cell therapy for multiple myeloma, which received US Food and Drug Administration approval in April 2024.
According to other news reports Abecma has faced increasing competition in the multiple myeloma space, particularly from Johnson & Johnson and Legend Biotech’s BCMA CAR-T Carvykti (ciltacabtagene autoleucel).
2Seventybio was spun out of Bluebird bio in 2021. Two week ago Bluebird bio was itself acquired for about US$30 million by Carlyle and SK Capital.
2Seventybio's patent portfolio has 600 application patents and 126 granted patents across 44 patent families. Only 16 patent families have received granted patents.
Their largest patent family contains 54 application patents - titled "bcma chimeric antigen receptors", and 27 of these are granted patents."
2Seventybio appears to have healthy "innovation pipeline." Since 2018 there has been 28 patent families filed containing 224 applications, so far only 1 application has granted so far. Given the historic grant rates of 30% - 40% suggested we can expect around 70 applications being granted over the next few years.
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