Bristol Myers Squibb will acquire 2seventy bio for about $286 million in cash, sending the cancer cell therapy maker's shares up 76% in premarket trading on Tuesday.

Bristol-Myers Squibb acquires 2seventy bio for $286M, marking the end of a once-promising biotech. Check out if this is a good deal for BMY or TSVT.

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Multiple myeloma cell therapy Abecma is the lone remaining asset of 2seventy Bio, which spun out from Bluebird Bio

Bristol Myers Squibb said it will acquire its struggling CAR-T partner 2Seventy Bio for $286 million, or $102 million net of estimated cash. The deal values 2Seventy at $5 per share, an 88% premium to Monday’s closing stock price.

The deal ends 2Seventy’s short run as an independent company, during which it restructured, sold off research and lost nearly all of its market value.

Abecma is being jointly developed and commercialized in the U.S. as part of a co-development, co-promotion, and profit share agreement between Bristol Myers Squibb and 2seventy bio. Bristol Myers Squibb assumes sole responsibility for Abecma drug product manufacturing and commercialization outside of the U.S.