Bristol Myers-2seventy Bio Halt Phase 3 Trial For Abecma In Newly Diagnosed Myeloma Patients, Speeds Path To Profitability
Portfolio Pulse from Vandana Singh
2seventy bio and Bristol Myers Squibb have halted the Phase 3 trial of Abecma for newly diagnosed myeloma patients, aiming to save $80 million and reach profitability by 2025. Despite the trial halt, Abecma's revenue is expected to grow, supported by FDA approval for earlier use. Both companies share profits and losses from Abecma equally.
September 25, 2024 | 3:56 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
2seventy bio halts Phase 3 trial for Abecma, saving $80M and accelerating profitability to 2025. Despite the halt, Abecma's revenue is expected to grow due to FDA approval for earlier use.
The halt in the trial conserves significant capital, which is positive for 2seventy bio's financial outlook. The expected revenue growth from Abecma due to FDA approval further supports a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Bristol Myers Squibb, in partnership with 2seventy bio, halts Phase 3 trial for Abecma, aiming to save costs. Despite this, Abecma's revenue is expected to grow, supported by FDA approval for earlier use.
While the trial halt may initially seem negative, the cost savings and expected revenue growth from Abecma due to FDA approval balance the impact, leading to a neutral short-term outlook.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
NEUTRAL IMPACT
Novo Nordisk acquired rights to 2seventy's gene editing technology outside oncology. This acquisition is separate from the Abecma trial halt and does not directly impact Novo Nordisk's short-term stock price.
The acquisition of gene editing technology is a strategic move for Novo Nordisk but is unrelated to the Abecma trial halt, resulting in a neutral short-term impact on its stock.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 30