2seventy Bio Shares Fall Premarket on Abecma Expansion Delay
21 November 2023 - 12:30AM
Dow Jones News
By Colin Kellaher
Shares of 2seventy bio fell more than 10% Monday after the
biotechnology company's efforts to win expanded U.S. approval for
its Abecma gene therapy with Bristol Myers Squibb hit a delay.
Bristol Myers and 2seventy said the U.S. Food and Drug
Administration won't meet its Dec. 16 target action date on the
companies' application seeking approval of Abecma for earlier lines
of triple-class exposed relapsed or refractory multiple myeloma
after the agency opted to hold an advisory committee meeting.
Abecma is currently approved for adults after four or more prior
lines of therapy.
2seventy and Bristol share equally in all profit and losses
related to U.S. development, manufacture and commercialization of
Abecma, which generated $302 million in U.S. commercial revenue in
the first nine months of 2023.
Analysts at Citi last month initiated coverage of 2seventy bio
with a buy rating and a $13 price target, saying they expected an
FDA green light for using Abecma in earlier lines would create a
capacity-constrained environment that will benefit the therapy.
2seventy shares, which closed Friday at $2.13, were recently
down more than 10% at $1.91 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 20, 2023 08:15 ET (13:15 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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