Bristol-Myers Squibb acquires 2seventy bio for $286M, marking the end of a once-promising biotech. Check out if this is a good deal for BMY or TSVT.

(Reuters) -Bristol Myers Squibb will acquire 2seventy bio for about $286 million in cash, sending the cancer cell therapy maker's shares up 76% in premarket trading on Tuesday. Late on Monday, 2seventy said Bristol Myers will acquire all outstanding shares of the company for $5.

Investing.com -- The European Commission has granted Bristol Myers (NYSE: BMY) Squibb, the biopharmaceutical company based in Princeton, N.J., an expanded approval for its CAR-T cell therapy Breyanzi, according to the company on Friday.

Abecma is being jointly developed and commercialized in the U.S. as part of a co-development, co-promotion, and profit share agreement between Bristol Myers Squibb and 2seventy bio. Bristol Myers Squibb assumes sole responsibility for Abecma drug product manufacturing and commercialization outside of the U.S.