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.

Multiple myeloma cell therapy Abecma is the lone remaining asset of 2seventy Bio, which spun out from Bluebird Bio