==-2seventy bio, Inc. (TSVT) to be acquired by Bristol Myers Squibb (BMY)

 

CAMBRIDGE, Mass.--(BUSINESS WIRE)--2seventy bio, Inc. (Nasdaq: TSVT), today announced a definitive merger agreement under which Bristol Myers Squibb (NYSE: BMY) (“BMS”) will acquire all of the outstanding shares of 2seventy bio at a price of $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 the closing price of $2.66 on March 7, 2025.

“A year ago, 2seventy decided to exclusively focus on unlocking the value of Abecma, with the goal of delivering more time for people living with multiple myeloma and maximizing value for all stakeholders,” said Chip Baird, chief executive officer, 2seventy bio. “The strategic rationale for this acquisition is clear and today’s announcement represents the culmination of the journey for 2seventy bio. We believe that Abecma will continue to benefit from BMS’ experience and resources to ensure this important therapy is delivered to patients who need it. I would like to express my deep gratitude for current and past 2seventy team members and more broadly the dedicated community of patients, scientists, providers and partners that helped take cell and gene therapy from a complicated idea to reality for patients.”

Unusual Options Activity Thur 2/1/24

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

• BMY Feb 50 calls are seeing interest ahead of earnings tomorrow before the open (volume: 2020, open int: 550, implied vol: ~97%, prev day implied vol: 80%).
• DHT Jul 13 calls are seeing interest with the underlying stock 5% (volume: 1500, open int: 0, implied vol: ~40%, prev day implied vol: 31%). Co is confirmed to report earnings February 6 after the close.
• iShares Lehman MBS ETF (MBB) Mar 94 calls (volume: 10.0K, open int: 0, implied vol: ~8%, prev day implied vol: 7%). 6000 contracts traded in a single transaction/
  

Bearish Put Activity:

• FITB Feb 31 puts (volume: 2910, open int: 0, implied vol: ~42%, prev day implied vol: 30%). Co is expected to report earnings mid-April.
• CIVI Mar 62.5 puts (volume: 2020, open int: 0, implied vol: ~37%, prev day implied vol: 31%). Co is confirmed to report earnings February 27 after the close.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.92, VIX: (14.05, -0.30, -2.1%).
February 16 is options expiration -- the last day to trade February equity options.

Insider Trading Fri 12/1/23

Notable purchases -- JANA Partners adds to MRCY; notable sales -- President/COO active in FRT

Buyers:

• AGL Director bought 22,300 shares at $11.12 - $11.30 worth ~$250K.
• BMY Chief Executive Officer bought 3,071 shares at $48.86 worth ~$150K.
• GDRX Interim Chief Executive Officer bought 30,505 shares at $5.82 - $6.00 worth ~$180K.
• MRCY 10% owner JANA Partners bought 245,964 shares at $33.02 - $34.22 worth more than $8.2 mln.
• OUST Director bought 10,000 shares at $5.22 - $5.25 worth ~$52K.
• RMAX 10% owner bought 36,687 shares at $8.78 - $9.00 worth ~$325K.
• RNGR Chief Executive Officer and Chief Financial Officer bought a total of 25,000 shares at $9.68 - $9.99 worth ~$247K.
• STAA 10% owner Broadwood Partners bought 434,991 shares at $30.84 - $32.11 worth approx. $13.7 mln.
• TTSH 10% owner bought 96,317 shares at $6.48 - $6.61 worth ~$632K.

Sellers:

• CTGO Director sold 30,000 shares at $22.81 - $23.06 worth more than $687K.
• EWBC Vice Chairman sold 12,000 shares at a weighted average price of $63.294 worth ~$759K.
• FRT President and COO sold 4,870 shares at $94.86 worth ~$462K.

==Bristol-Myers (BMY) reported earnings on Thur 26 Oct 23 (b/o)

 

Bristol-Myers beats by $0.24, reports revs in-line; guides FY23 EPS above consensus

• Reports Q3 (Sep) earnings of $2.00 per share, excluding non-recurring items, $0.24 better than the FactSet Consensus of $1.76; revenues fell 2.2% year/year to $10.97 bln vs the $10.96 bln FactSet Consensus.
• Co raises guidance for FY23, sees EPS of $7.50 to $7.65 from $7.35 to $7.65, excluding non-recurring items, vs. $7.36 FactSet Consensus.
• FY23 revenue expected to be down in the low single digits.

Earnings this week : Oct 23 - 27, 23 (wk 43)

Monday (Oct 23)

• Morning:  BOH HOPE PHG
• Afternoon: AGYS ARE BRO CADE CDNS CALX CATY CLF CR CCK HSTM HXL IBTX MEDP PKG RLI SSD AAN TBI WRB WSFS

Tuesday (Oct 24)

• Morning: MMM HOUS ADM ARCC AWI ABG BANC BCS CNC KO CBU GLW DHR DOV DOW FI FELE GATX GE GM HAL HCA HRI ITW IVZ KMB EDU NEE NEP NVS NUE ONB PCAR PPBI PACW PNR PII PHM DGX RTX SASR SHW SFNC SMPL SPOT SYF TECK TRU VZ XRX
• Afternoon:  GOOG NTB BYD BDN CNI CHX CB CSGP EGP WIRE ENVA FFIV FCF FFBC HA HIW JBT MANH MTDR MSFT MSA NBHC RRC RNST ROIC RHI SNAP LRN TDOC TXN TRMK UMBF VBTX VICR V WM

Wednesday (Oct 25)

• Morning:  ALKS APH ADP AVY BXMT BA BOKF CME CNX CSTM EVR FTV GD GBX GPI HCSG HES HESM HLT IART LKFN LTH LAD MKTX MNRO MCO COOP MSM NAVI NSC ODFL OMF OPCH OTIS OC PAG PRG PB RDUS ROP RES R SLGN SF TMUS TMHC TDY TMO TNL UMC VRT WNC WAB WFRD
• Afternoon:  AEM ALGN ALSN AMP AM AR ATR ASGN AVB AGR BKR BHE CACI CCS CHE CHDN CYH CNMD CVBF EW ESI EIG EPR EQT EQIX ETD EG FIBK FLEX FLS FBIN FTAI GL GSHD GGG IBM ICLR IEX IMAX PI INVH KALU KRC KLAC LSTR LC LXFR MAT MXL META MAA MOH MYRG NTGR NXT ORLY OII CASH PEGA PPC PLXS QS RJF ROL SLM SEIC NOW STC SUI NOVA TER TNET TROX UCTT URI UHS VMI VLTO VICI VKTX WSBC WU WHR WH

Thursday (Oct 26)

• Morning: AOS MO AMT AIT ARCH AMBP BPMC BSX BFH BMY BC BG CRS CARR CBZ CNP CMS CTS CFR EXP EME EXLS XPRO FAF FCFS ULCC FCN THRM GWW HEES HOG HAS HSY HTZ HON INSM IP ITGR KVUE KDP KIM KEX LH LAZ LEA LII LIN LKQ MAS MA MDC MPW MRK MBLY NYCB NEM NOC NVCR OSIS OSTK PATK BTU PCG BPOP RS RITM RCL STX SAH SBSI LUV STM FTI TXT SHYF TSCO TW TPH TRS UPS VLO VLY VC VMC WST WEX WTW
• Afternoon:  ATGE AB AMZN ABCB APPF AJG AX BIO BJRI SAM CPT COF CSL CC CMG CINF COLM CDP COUR CUZ CUBI DECK DXCM DLR EMN ELME EHC ENPH ESS EVTC EXPO FHI FE F GLPI HIG HUBG INTC JNPR KNSL LHX LPLA LTC MGRC MMSI MTX MHK NRDS NOV OLN PEB PFSI PFG PFS PTCT RSG RMD SKX SKYW SSB SPSC SSNC STAG TEX TXRH X UDR VRSN WY

Friday (Oct 27)  

• Morning:  ABBV AER AON ARCB AN AVTR BCPC B BAH CBRE GTLS CHTR CVX CL DAN XOM FHB GNTX IMO LECO LYB NWL NVT OIS PSX PIPR PNM POR SAIA SNY SWK STEL TROW WT XEL
• Afternoon:  ACMR

Insider Trading (Fri 5/5/23)

Notable purchases -- Execs add to EWBC; notable sales -- EVP active in BMY

Buyers:

• ADT President & CEO, EVP-CFO, EVP-COO, EVP-Chief Business Officer, EVP-CLO and Secretary bought a total of 132,000 shares at $4.91 - $5.16 worth ~$667K. 
• FHN Directors (2) bought a total of 35,138 shares at $9.935 - $10.18 worth ~$351K.
• EWBC Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and one (1) Executive Vice President bought a total of 21,130 shares at $41.25 - $43.00 worth ~$893K.
• KEY Head of Institutional Bank bought 75,000 shares at $9.77 - $9.79 worth ~$734K.
• NWL Chief Financial Officer bought 100,100 shares at $9.92 - $9.99 worth ~$999K.
• STEL Directors (3) bought a total of 144,952 shares at $21.10 - $21.99 worth ~$3.2 mln.
• WSC Chief Executive Officer bought 5,000 shares at $44.62 worth ~$223K.

Sellers:

• BMY EVP & President, Research sold 50,385 shares at $67.05 - $67.111 worth ~$3.4 mln.
• FICO EVP sold 1,335 shares at $739.95 - $740.47 worth ~$988K.
• MMC Director sold 5,500 shares at $179.69 - 179.765 worth ~$988K.
• ORLY EV Chairman of the Board sold 27,000 shares at $925.30 - $931.79 worth ~$25.1 mln.
• PAG Directors (2) sold 10,553 shares at $140.79 - $141.54 worth ~$1.5 mln.

Insider Trading (Wed 6/8/22)

Notable purchases -- CEO and Director add to KPLT; notable sales -- Director active in NCNO

Buyers:

• CBAY CEO bought 51,301 shares at $1.95 worth ~ $100K.
  
• CGEM CEO bought 8,090 shares at $12.34 - $12.45 worth ~ $100K.
  
• COMM CFO bought 17,887 shares at $8.09 - $8.11 worth ~ $140K.
  
• HRT Director bought 29,991 shares at $14.85 - $14.99 worth ~ $450K.
  
• KIND Director bought 5,837,072 shares at $3.03 - $3.62 worth ~ $19.4 mln.
  
• KPLT CEO and Director bought 278,472 shares at $1.38 - $1.57 worth ~ $430K.
  
• LGF.B Director bought 58,687 Class B common shares at $9.12 - $9.81 worth ~ $560K.
  
• OPK CEO & Chairman bought 100,000 shares at $2.77 - $2.82 worth ~ $280K.
  
• PDLB CFO and Executive Chairman bought 12,000 shares at $9.23 - $9.25 worth ~ $110K.

Sellers:

• BMY EVP, General Counsel sold 65,000 shares at $74.87 - $74.91 worth ~ $4.9 mln.
  
• FEAM 10% Owner sold 500,000 shares at $25.00 - $25.01 worth ~ $12.5 mln.
  
• FLYW Director sold 1,240,490 shares at $19.60 worth ~ $24.3 mln.
  
• GPN Senior EVP & General Counsel sold 16,252 shares at $129.95 - $130.29 worth ~ $2.1 mln.
  
• MDRX Director sold 140,450 shares at $17.30 - $17.40 worth ~ $2.4 mln.
  
• NCNO Director sold 100,000 shares at $35.00 - $37.14 worth ~ $3.6 mln.
  
• PCOR Director sold 54,378 shares at $46.14 - $47.42 worth ~ $2.5 mln.
  
• RPTX Director sold 750,000 shares at $12.25 - $12.50 worth ~ $9.2 mln.

-=MyoKardia (MYOK) to be acquired by Bristol Myers Squibb (BMY) for $225.00/share

• In November, Bristol Myers completed its $74 billion acquisition of Celgene. 

 MyoKardia to be acquired by Bristol Myers Squibb (BMY) for $13.1 billion or $225.00/share in cash 

Bristol Myers Squibb (BMY) early Monday announced an agreement to buy MyoKardia (MYOK) for $13.1 billion, adding to its portfolio of heart disease treatments. BMY stock slipped on the news, while MYOK stock soared.

The purchase price comes to $225 per share. That's a more than 60% premium to MYOK's closing price of 139.60 on Friday. MYOK stock has been trading near record highs.

Bristol Myers Squibb said the deal gives them MyoKardia's mavacamten, a potential first-in-class cardiovascular medicine for the treatment of obstructive HCM, or hypertrophic cardiomyopathy. HCM is a chronic heart disease with high morbidity and patient impact, the companies said.

In their news release, the companies said they expect to file a New Drug Application for mavacamten in first-quarter 2021. Bristol Myers Squibb also said it expects the therapy will have other applications and also praised "MyoKardia's promising pipeline of novel compounds."

Exelixis (EXEL), Bristol-Myers (BMY) : upbeat trial results of a Kidney cancer treatment

the companies said a phase 3 study of a treatment for kidney cancer met its primary and secondary endpoints. "The results from the pivotal CheckMate -9ER trial clearly demonstrate the combination of cabozantinib plus nivolumab provides a clinically meaningful benefit in the key efficacy measures of progression-free survival and overall survival for previously untreated kidney cancer patients," said Dr. Toni Choueiri, Director of the Lank Center for Genitourinary Oncology at Dana-Farber Cancer Institute.

Bristol-Myers announces announced that CheckMate -743, a pivotal Phase 3 trial evaluating Opdivo (nivolumab) in combination with Yervoy in previously untreated malignant pleural mesothelioma met its primary endpoint of overall survival

Opdivo plus Yervoy prolonged survival compared to chemotherapy at interim analysis in CheckMate -743.
Malignant pleural mesothelioma is a rare and aggressive cancer with limited treatment options.
Based on a pre-specified interim analysis conducted by the independent Data Monitoring Committee, Opdivo in combination with Yervoy resulted in a statistically significant and clinically meaningful improvement in OS compared to chemotherapy (pemetrexed and cisplatin or carboplatin).

=Celgene (CELG) to be acquired by Bristol-Myers Squibb (BMY) for $102.43/share

• Celgene to be acquired by Bristol-Myers Squibb (BMY) for $102.43/share in cash & stock + a CVR, or approximately $74 bln
• BMY Bristol-Myers sees FY19 non-GAAP EPS $4.10-4.20 ex-Celgene vs $4.10 S&P Capital IQ Consensus Estimate; co will report on Jan 24

Celgene to be acquired by Bristol-Myers Squibb (BMY) for $102.43/share in cash & stock + a CVR, or approximately $74 bln

Under the terms of the agreement, Celgene shareholders will receive 1.0 Bristol-Myers Squibb share and $50.00 in cash for each share of Celgene. Celgene shareholders will also receive one tradeable Contingent Value Right (CVR) for each share of Celgene, which will entitle the holder to receive a payment for the achievement of future regulatory milestones.

• Based on the closing price of Bristol-Myers Squibb stock of $52.43 on January 2, 2019, the cash and stock consideration to be received by Celgene shareholders at closing is valued at $102.43 per Celgene share and one CVR. When completed, Bristol-Myers Squibb shareholders are expected to own approximately 69 percent of the company, and Celgene shareholders are expected to own approximately 31 percent.
  • Each share also will receive one tradeable CVR, which will entitle its holder to receive a one-time potential payment of $9.00 in cash upon FDA approval of all three of ozanimod (by December 31, 2020), liso-cel (JCAR017) (by December 31, 2020) and bb2121 (by March 31, 2021), in each case for a specified indication.
• The transaction's internal rate of return is expected to be well in excess of Celgene's and Bristol-Myers Squibb's cost of capital. The combination is expected to be more than 40 percent accretive to Bristol-Myers Squibb's EPS on a standalone basis in the first full year following close of the transaction. Bristol-Myers Squibb expects to realize run-rate cost synergies of approximately $2.5 billion by 2022. Bristol-Myers Squibb is confident it will achieve efficiencies across the organization while maintaining a strong, core commitment to innovation and delivering the value of the portfolio.
• Bristol-Myers Squibb expects to execute an accelerated share repurchase program of up to approximately $5 billion, subject to the closing of the transaction, market conditions and Board approval.

=Bristol-Myers (BMY) reported earnings on Thur 26 Oct 2017 (b/o)

Bristol-Myers misses by $0.02, beats on revs; raises FY17 EPS guidance 

• Reports Q3 (Sep) earnings of $0.75 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of $0.77; revenues rose 6.7% year/year to $5.25 bln vs the $5.2 bln Capital IQ Consensus.
• Gross margin as a percentage of revenue decreased from 73.5% to 70.1% in the quarter primarily due to product mix and an inventory charge.
• Product [Growth %]
  • Eliquis [39%]
  • Opdivo [38%]
  • Yervoy [13%]
  • Orencia [10%]
  • Sprycel [8%]
• Today the company is announcing the FDA added five-year overall survival data from the Phase 3 CA184-029 trial, to the prescribing information for Yervoy for the adjuvant treatment of fully resected cutaneous melanoma with pathologic involvement of regional lymph nodes of more than 1 mm. Yervoy is the first immune checkpoint inhibitor to demonstrate a statistically significant improvement in overall survival in this patient population.
• Co raises guidancefor FY17, sees EPS of $2.95-3.05 (Prior $2.90-3.00), excluding non-recurring items, vs. $2.96 Capital IQ Consensus Estimate.

Seattle Genetics (SGEN), Bristol-Myers Squibb (BMY): Hodgkin lymphoma positive results

Seattle Genetics (SGEN) and Bristol-Myers Squibb (BMY) unveiled strong data for a combination of their drugs Adcetris and Opdivo in classical Hodgkin lymphoma. All signs of cancer disappeared in 63% of patients.

A series of trials for the combination could "potentially provide a chemotherapy-free treatment option" for patients whose Hodgkin lymphoma either relapsed or can't be treated with surgery.

  

=Bristol-Myers (BMY) reported earnings on Thur 26 Jan 2017 (b/o)

Bristol-Myers misses by $0.03, beats on revs; lowers FY17 EPS guidance :

• Reports Q4 (Dec) earnings of $0.63 per share, $0.03 worse than the Capital IQ Consensus of $0.66; revenues rose 22.3% year/year to $5.24 bln vs the $5.13 bln Capital IQ Consensus. U.S. revenues increased 20% to $2.7 billion in the quarter compared to the same period a year ago. International revenues increased 25%. When adjusted for foreign exchange impact, international revenues increased 28%.
• Gross margin as a percentage of revenue decreased from 77.8% to 73.6% in the quarter primarily due to product mix.
• Breakdown of global revenues for Q4:
  • Opdivo, which grew by $835 million
  • Eliquis, which grew by $346 million or 57% increase
  • Orencia, which grew by 16%
  • Sprycel, which grew by 15%
  • Yervoy, which had sales of $264 million
• Co lowers guidance for FY17, sees EPS of $2.70-2.90 vs. $2.97 Capital IQ Consensus Estimate. 2017 GAAP and non-GAAP line-item guidance assumptions include:
  • Worldwide revenues increasing in the low-single digits (Prior: increasing in the high-teens)
  • Gross margin as a percentage of revenue to be approximately 72% to 73% for both GAAP and non-GAAP (Prior: approximately 75%)

=Bristol-Myers (BMY) reported earnings on Thur 27 Oct 2016 (b/o)

Bristol-Myers beats by $0.12, beats on revs; raises FY16 EPS above consensus; guides FY17 EPS in-line; adds to buyback, announces new operating model  :

• Reports Q3 (Sep) earnings of $0.77 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $0.65; revenues rose 21.0% year/year to $4.92 bln vs the $4.8 bln Capital IQ Consensus. Global revenues increased 22% adjusted for foreign exchange impact. Excluding Erbitux, global revenues increased 26% or 27% adjusted for foreign exchange impact. U.S. revenues increased 36% to $2.8 billion in the quarter compared to the same period a year ago. International revenues increased 5%. When adjusted for foreign exchange impact, international revenues increased 7%. Gross margin as a percentage of revenues was 73.5% in the quarter compared to 73.0% in the same period a year ago.
  • Opdivo sales +202% to $920 mln, just shy of estimates 
  • Yervoy sales +19% to $285 mln, above estimates.
• Co issues upside guidance for FY16, sees EPS of $2.80-2.90 (from $2.55-2.65), excluding non-recurring items, vs. $2.63 Capital IQ Consensus Estimate. Worldwide revenues increasing in the high-teens. Gross margin as a percentage of revenues to be ~75%.
• Co issues in-line guidance for FY17, sees EPS of $2.85-3.05, excluding non-recurring items, vs. $2.92 Capital IQ Consensus Estimate.  
• Bristol-Myers Squibb today announced its Board of Directors approved a new $3 billion repurchase authorization for the Company's common stock. This is incremental to the current repurchase program, announced in June 2012, under which the Company has approximately $1.1 billion remaining.
• Bristol-Myers Squibb announced an evolution of its operating model to drive the company's continued success in the near and long term through a more focused investment in commercial opportunities against key brands and markets, a competitive and more agile R&D organization that can accelerate the pipeline, streamlined operations and realigned manufacturing capabilities that broaden biologics capabilities to reflect current and future portfolio. The new operating model will enable the company to deliver the strategic, financial and operational flexibility necessary to invest in the highest priorities across the company.

Bristol-Myers (BMY) plunges on failed lung cancer drug trial

• A cancer immunotherapy shocker has Bristol-Myers Squibb tumbling and rival Merck soaring on Friday morning. 
•  The drug, Opdivo, failed to meet a phase 3 trial primary endpoint
• The drop in the shares Friday -- the worst in more than 16 years -- had as much to do with the failure of Bristol-Myers’s drug Opdivo in a clinical trial for lung cancer as it did with investors’ now-shaken confidence in the New York-based company’s ability to be the breakaway leader in the field. 
• No other large pharmaceutical company has recently focused on one disease area like Bristol-Myers has, in this case by targeting drugs that leverage the immune system to attack tumors. The trial results, which showed that Opdivo failed to do better than chemotherapy at keeping previously untreated patients’ cancer from progressing, have left the door open for competitors like Merck & Co., AstraZeneca Plc and Roche Holding AG.
• Immunotherapy is a market potentially worth billions of dollars a year -- Opdivo is predicted by analysts to bring in $10.7 billion in 2020, and the immune-system drugs are projected to make up almost half of Bristol-Myers’s sales by that time. Lung cancer is the biggest killer in oncology, according to the American Cancer Society.

Bristol-Myers (BMY) reported earnings on Thur 28 Jul 2016 (b/o)

** chart  6 days before earnings **

** charts after earnings **

 

Bristol-Myers beats by $0.03, beats on revs; raises FY16 EPS, in-line:

• Reports Q2 (Jun) earnings of $0.69 per share, $0.03 better than the Capital IQ Consensus of $0.66; revenues rose 17.2% year/year to $4.88 bln vs the $4.66 bln Capital IQ Consensus. Global revenues increased 18% adjusted for foreign exchange impact. Excluding Abilify and Erbitux, global revenues increased 24% or 26% adjusted for foreign exchange impact. U.S. revenues increased 46% to $2.7 billion in the quarter compared to the same period a year ago. International revenues decreased 6% primarily from lower Hepatitis C Franchise sales in Japan and France. When adjusted for foreign exchange impact, international revenues decreased 4%.
• Opdivo sales +588% to $840 mln; Eliquis +78% to $777 mln; Orencia +29% to $593 mln.
• Co issues in-line guidance for FY16, raises EPS to $2.55-2.65 from $2.50-2.60, excluding non-recurring items, vs. $2.60 Capital IQ Consensus Estimate.