M&A · Healthcare · Pharmaceutical Preparations
Bristol Myers Squibb Co to acquire 2seventy bio, Inc.
Announced Mar 10, 2025 · Closed May 13, 2025
Deal value$258MEV $198M
Premium88.0%To unaffected price
EV / Adj. EBITDA—4.3x EV / Revenue
ConsiderationAll cash$5.00 per share
Transaction
- Acquirer
- Bristol Myers Squibb Co (BMY)
- Target
- 2seventy bio, Inc. (TSVT)
- Buyer type
- Strategic
- Offer price per share
- $5.00
- Enterprise value
- $198M
- Status
- Closed May 13, 2025
Deal protections
- Break fee (target pays)
- $10.0M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
- Goldman Sachs fee
- $8.6M
Sector context · Healthcare
- Comparable deals
- 94 in the prior 24 months
- Premium
- 88.0% vs. 66.0% sector median
- EV / Adj. EBITDA
- Sector median 13.8x
- Break fee
- 3.9% vs. 3.4% sector median
Timeline
- AnnouncedMar 10, 2025
- Tender offerApr 14, 2025
- ClosedMay 13, 2025
Valuation · fairness opinions
Analyst price targets$4.91$5.09
Precedent transactions$3.83$4.58
Offer $5.00
Implied value per 2seventy bio, Inc. share by analysis, from Goldman Sachs · DCF discount rate 14%–16%.