Welcome to our dedicated page for 2Seventy Bio news (Ticker: TSVT), a resource for investors and traders seeking the latest updates and insights on 2Seventy Bio stock.
2seventy bio, Inc. (Nasdaq: TSVT) is an immuno-oncology cell therapy company centered on Abecma (idecabtagene vicleucel; ide-cel), a BCMA-directed autologous CAR T cell therapy for adult patients with relapsed or refractory multiple myeloma after at least two prior lines of therapy. The TSVT news stream features company announcements that combine scientific, commercial, and corporate developments related to this program and its broader collaboration with Bristol Myers Squibb (BMS).
Investors and observers following TSVT news will find regular updates on Abecma’s U.S. commercial performance, including quarterly and full-year revenues as reported by BMS, trends in demand such as patients undergoing apheresis, and commentary on Abecma’s role in the multiple myeloma treatment landscape. Releases also discuss regulatory milestones, label expansions into earlier-line settings, and decisions around clinical studies such as the discontinuation of enrollment in the Phase 3 KarMMa-9 trial in newly diagnosed multiple myeloma.
Corporate and financial news for 2seventy bio includes quarterly earnings reports, changes in operating expenses, net cash spend, and cash, cash equivalents, and marketable securities. The company has reported transactions such as the sale of its oncology R&D business to Regeneron and the sale of its Hemophilia A program and gene editing technology to Novo Nordisk, which it characterizes as supporting an exclusive focus on Abecma. Conference participation and investor events, including healthcare conferences and fireside chats, are also covered in TSVT news items.
A key current theme in 2seventy bio’s news is its definitive merger agreement with Bristol Myers Squibb. News releases describe the agreed all-cash acquisition, the tender offer structure, the Hart-Scott-Rodino review process, and the expectation that, following completion of the transaction and a second-step merger, 2seventy bio’s common stock will no longer trade on Nasdaq. For readers tracking TSVT, the news page provides an evolving record of Abecma’s commercial trajectory, strategic partnerships, and the company’s pending transition into BMS.
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Bristol Myers Squibb (BMY) reported first quarter revenues of $11.3 billion, a decline of 3% year-over-year, impacted by generic erosion of Revlimid. Adjusted for foreign exchange, the revenue decrease was 1%. The company posted a GAAP earnings per share (EPS) of $1.07, an 81% increase from $0.59 in the prior year, while non-GAAP EPS was $2.05, a 5% rise from $1.96. Revenue from in-line and new products grew 8% to $9.3 billion, or 10% when excluding foreign exchange impacts. The U.S. revenues improved 4% to $8.0 billion. Bristol Myers also adjusted its GAAP EPS guidance for 2023 while affirming its non-GAAP guidance, indicating resilience in its operational strategy despite external pressures.
The U.S. FDA has accepted the supplemental Biologics License Application (sBLA) for Bristol Myers Squibb (NYSE:BMY) and 2seventy bio's Abecma (idecabtagene vicleucel), with a target action date set for December 16, 2023. This application is based on promising interim results from the Phase 3 KarMMa-3 study, which demonstrated a significant reduction in disease progression or death for patients with relapsed and refractory multiple myeloma compared to standard treatments. Additionally, the European Medicines Agency validated a Type II variation application for Abecma, and Japan's Ministry of Health accepted the supplemental New Drug Application. These developments highlight the commitment to enhance treatment options for multiple myeloma patients.
2seventy bio, Inc. (TSVT) reported its financial results for Q4 2022, with U.S. revenue from Abecma reaching $94M for the quarter and $297M for the full year. The company forecasts U.S. revenue of $470-$570M in 2023, supported by positive Phase 3 KarMMa-3 study results. As of December 31, 2022, 2seventy bio held $267.7M in cash and equivalents, with a projected net cash spend of $180-$220M for 2023. Following a $117M equity offering in early 2023, the company expects a cash runway into 2026, allowing further advancement of its pipeline, including potential FDA submissions and collaborations with Regeneron.
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