Why 2seventy bio (TSVT) Shares Are Trading Higher Premarket Today - 2seventy bio (NASDAQ:TSVT), Bristol-Myers Squibb (NYSE:BMY)

Bristol Myers Squibb Co BMY and 2seventy bio Inc TSVT have announced topline results from KarMMa-3 Phase 3 trial of Abecma (idecabtagene vicleucel) for multiple myeloma.
The trial compared Abecma to standard combination regimens in adults with relapsed and refractory multiple myeloma after two to four prior lines of therapy and refractory to the last regimen.
The interim analysis demonstrated a statistically significant improvement in progression-free survival.
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Treatment with Abecma also showed an improvement in the key secondary endpoint of overall response rate compared to standard regimens.
Follow-up for overall survival, a key secondary endpoint, remains ongoing.
No new safety signals were reported in this study.
The FDA approved Abecma in March 2021 for relapsed or refractory multiple myeloma after four or more prior lines of therapy.
Abecma generated $72 million as U.S. commercial revenue in 2Q, split evenly between 2seventy and BMS.
2seventy said it is on track toward the upper end of $250-$300M revenue guidance for 2022.
TSVT ended the June quarter with $399 million in cash. It revised 2022 net cash spend to $245-265 million with a cash runway into 2025.
Price Action: TSVT shares are up 10.80% at $18.50 during the premarket session on the last check Wednesday.