Latest news with #TSVT
Yahoo
14-03-2025
- Business
- Yahoo
Biotech Stock Roundup: TSVT Up on BMY Deal, PTGX Up on Data & More
Mergers and acquisitions grabbed the spotlight in the biotech sector once again this week after Bristol Myers Squibb BMY agreed to acquire 2seventy bio, Inc TSVT. Meanwhile, other pipeline and regulatory updates were in focus. Shares of 2seventy bio gained after it announced a definitive merger agreement with partner BMY. Per the terms of the deal, BMY will acquire all of the outstanding shares of 2seventy bio for $5.00 per share in an all-cash transaction for a total equity value of approximately $286 million, or $102 million net of estimated cash. The offer represented an 88% premium to TSVT's closing price of $2.66 on March 7, 2025. BMY and TSVT have an agreement in place, whereby both companies equally share profits and losses related to the development manufacturing and commercialization of Abecma in the United States. 2seventy bio's board of directors has unanimously recommended that stockholders tender their shares in the offer commenced by BMY. TSVT has been facing challenges for quite some time now and was looking to maximize shareholder value. The acquisition is expected to be closed in the second quarter of 2025. Gilead Sciences, Inc. GILD announced positive data from its ongoing phase I study evaluating pipeline candidate lenacapavir, a novel, once-yearly injectable HIV-1 capsid inhibitor, for the investigational use of HIV prevention as pre-exposure prophylaxis (PrEP). Gilead presented data on two novel, once-yearly formulations of lenacapavir for PrEP during an oral abstract session at the Conference on Retroviruses and Opportunistic Infections (CROI 2025). The data from the phase I study showed that the two different formulations of once-yearly lenacapavir (administered via intramuscular injection) achieved and maintained plasma concentrations exceeding those associated with HIV prevention efficacy observed in the late-stage PURPOSE 1 and PURPOSE 2 studies. Gilead plans to launch a phase III study on once-yearly lenacapavir for PrEP in the second half of 2025. GILD also presented data from the PURPOSE 1 study at the CROI 2025 that showed a preference for twice-yearly lenacapavir compared with once-daily orals. Gilead also presented data on ALLIANCE from an ongoing phase III study on Biktarvy. This study is evaluating Biktarvy compared with dolutegravir 50 mg (DTG) + emtricitabine 200 mg/tenofovir disoproxil fumarate 300 mg, F/TDF, DTG+F/TDF, in adults with HIV-1/HBV co-infection initiating treatment. Data showed that Biktarvy maintained high rates of HIV-1 and HBV virologic suppression. Protagonist Therapeutics, Inc. PTGX announced positive top-line data from the phase IIb ANTHEM-UC study, which evaluated icotrokinra (JNJ-2113), an investigational targeted oral peptide that selectively blocks the IL-23 receptor, for treating adults with moderately to severely active ulcerative colitis (UC), a chronic disease of the large intestine. The ANTHEM-UC study, conducted by Protagonist's partner, Johnson & Johnson, met its primary endpoint of clinical response in all icotrokinra dose groups. Shares surged following the announcement. Treatment with icotrokinra also demonstrated clinically meaningful differences in key secondary endpoints of clinical remission, symptomatic remission and endoscopic improvement at week 12 compared with placebo in the ANTHEM-UC with icotrokinra was generally safe and well-tolerated. Protagonist announced new data from the phase III ICONIC-LEAD study and phase III ICONIC-ADVANCE 1&2 studies on icotrokinra for treating moderate-to-severe plaque psoriasis (PsO). Data from the phase III ICONIC-LEAD study showed that almost half of the patients with moderate-to-severe PsO who were treated with icotrokinra achieved completely clear skin at week 24. Data from the phase III ICONIC-ADVANCE 1&2 studies, which evaluated icotrokinra compared with psoriasis drug Sotyktu (deucravacitinib), met the co-primary endpoints, with icotrokinra proving its superiority to Sotyktu. Shares of Arvinas ARVN plummeted earlier this week after the company and partner Pfizer announced mixed results from a late-stage breast cancer study of its lead candidate, vepdegestrant. Vepdegestrant is being developed in the phase III VERITAC-2 study as a monotherapy in adult patients with estrogen receptor-positive, human epidermal growth factor receptor two-negative (ER+/HER2-) advanced or metastatic breast cancer (MBC) compared with fulvestrant. The patient population includes those whose disease progressed following prior treatment with CDK 4/6 inhibitors and endocrine therapy. The study achieved its primary endpoint in the estrogen receptor one-mutant (ESR1m) patient population. It showed a statistically significant and clinically meaningful improvement in progression-free survival upon treatment with vepdegestrant compared with Faslodex. The results also surpassed the pre-specified target hazard ratio of 0.60 for the ESR1m population. However, the study did not demonstrate a statistically significant improvement in PFS for the intent-to-treat population, which included all patients who received the candidate, regardless of whether they adhered to or finished treatment. This outcome disappointed the investors and shares of both ARVN and Pfizer took a beating. Arvinas currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Nasdaq Biotechnology Index has lost 1.72% in the past five trading sessions and INCY's shares lost 2.98%. In the past six months, shares of MRNA have plunged 49.76%. (See the last biotech stock roundup here: Biotech Stock Roundup: CMRX Up on JAZZ Bid, MRNA Up on Updates & More) Image Source: Zacks Investment Research Stay tuned for more pipeline updates. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report Gilead Sciences, Inc. (GILD) : Free Stock Analysis Report Protagonist Therapeutics, Inc. (PTGX) : Free Stock Analysis Report Arvinas, Inc. (ARVN) : Free Stock Analysis Report 2seventy bio, Inc. (TSVT) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
11-03-2025
- Business
- Yahoo
TSVT Up on Acquisition Agreement With BMY for $286 Million
Shares of 2seventy bio, Inc. TSVT gained 5.26% after the company announced a definitive merger agreement with Bristol Myers Squibb BMY. Per the terms of the deal, BMY will acquire all of the outstanding shares of 2seventy bio for $5.00 per share in an all-cash transaction for a total equity value of approximately $286 million, or $102 million net of estimated cash. The deal represents an 88% premium to TSVT's closing price of $2.66 on March 7, 2025. Investors cheered the premium offered and shares gained another 3.56% in after-hours trading. In the past year, shares of TVST plunged 40.8% compared with the industry's 7.2% decline. Image Source: Zacks Investment Research 2seventy bio's board of directors has unanimously recommended that stockholders tender their shares in the offer commenced by BMY. The acquisition is expected to be closed in the second quarter of 2025. Meanwhile, certain stockholders of TSVT who own approximately 5.3% of the outstanding shares have entered into tender and support agreements, following which they have agreed to tender all of their owned shares in the offer. TSVT came into existence after bluebird bio spun off its oncology portfolio and programs from its severe genetic disease portfolio and programs into a separate, publicly traded company. However, TSVT has been facing challenges for quite some time now and is looking to maximize shareholder value. We note that BMY and TSVT have an agreement in place, whereby both companies equally share profits and losses related to development, manufacturing, and commercialization of Abecma in the United States. BMY is responsible for the manufacturing and commercialization of Abecma outside the United States. Abecma is a B-cell maturation antigen (BCMA)-directed genetically modified autologous T cell immunotherapy indicated for the treatment of adult patients with relapsed or refractory multiple myeloma after two or more prior lines of therapy, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 monoclonal antibody. In April 2024, the FDA approved Abecma for the treatment of adult patients with relapsed or refractory multiple myeloma after two or more prior lines of therapy. However, in September 2024, TSVT and BMY announced the discontinuation of enrollment in their ongoing phase III KarMMa-9 study evaluating Abecma with lenalidomide maintenance versus lenalidomide maintenance alone in patients with newly diagnosed multiple myeloma who have suboptimal response to autologous stem cell transplant. Earlier, TSVT had entered into an asset purchase agreement with Regeneron REGN to focus on the development and commercialization of Abecma. TSVT sold all of the assets related to its solid tumor and other oncology and autoimmune cell therapy programs, including the bbT369 program in B-NHL, SC-DARIC33 in AML, MUC16 in ovarian cancer, MAGE-A4, autoimmune, and several unnamed targets to REGN. This transaction closed in April 2024 and REGN assumed all of the ongoing program infrastructure and personnel costs related to these programs. As a part of its strategic alignment, TSVT had earlier entered into an asset purchase agreement with Novo Nordisk NVO as well. Per the terms of this agreement, NVO acquired TSVT's program for the research, development, manufacture, regulatory approval, and commercialization of gene therapy products exploiting the megaTAL Platform, which is directed to the treatment, diagnosis and prevention of hemophilia. TSVT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Regeneron Pharmaceuticals, Inc. (REGN) : Free Stock Analysis Report Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report Novo Nordisk A/S (NVO) : Free Stock Analysis Report 2seventy bio, Inc. (TSVT) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
