TSVT - Biotech Shares Soar Premarket On Sale Of R&D Assets

2024-01-30 09:31:39 ET

A Massachusetts-based %Biotech company is stealing the show so far during Tuesday’s premarket hours after it was announced that the company has agreed to sell its pipeline of investigational cell therapies to Regeneron pharmaceuticals Inc. (Nasdaq: REGN) for an upfront payment of $5 million.

Traders went crazy for shares of the selling company, 2seventy Bio Inc. (Nasdaq: TSVT) as this sale marks the start of the strategic transformation the company has called for. According to a release today, the company is setting out to focus exclusively on the commercialization and development of Abecma, its BCMA-targeted CAR T therapy for multiple myeloma.

Traders are currently willing to buy shares of TSVT at $3.90/share (+11.75% implied open for sellers) as we head toward the opening bell.

2seventy bio Inc is a cell and gene therapy company focused on the research, development, and commercialization of transformative treatments for cancer.