Bristol Myers Squibb Acquires 2seventy Bio for $102 Million as Gene Therapy Sector Faces Valuation Challenges
• Bristol Myers Squibb has acquired 2seventy Bio for $102 million net, just weeks after Bluebird Bio, 2seventy's parent company, was sold for a mere $30 million, highlighting significant valuation challenges in the gene therapy sector.
• The low acquisition prices for both companies underscore the broader business challenges facing gene therapy developers, despite creating treatments that deliver life-changing value to patients.
• Despite recent setbacks and commercial hurdles related to complex manufacturing and high pricing, biopharmaceutical companies continue to invest in gene therapy research, indicating ongoing confidence in the field's scientific potential.
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