04:03 AM EDT, 03/11/2025 (MT Newswires) -- 2seventy Bio ( TSVT ) said late Monday that it has agreed to be acquired by Bristol Myers Squibb ( BMY ) for a price of $5 per share in an all-cash deal valuing the company at about $286 million.

The price represents an 88% premium over the March 7 closing price of $2.66 per share, the multiple myeloma-focused biotech company said.

2seventy bio said its board has unanimously recommended the deal to shareholders, some of which already agreed to tender their shares in support of the acquisition.

The transaction is expected to close in Q2, after which 2seventy bio's shares will no longer be listed for trading on Nasdaq, the company said.