(Reuters) -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. Late on Monday, 2seventy said Bristol Myers will acquire all outstanding shares of the company for $5.

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.

Inc. has announced a definitive merger agreement under which BMS will acquire all of the outstanding shares of 2seventy bio.

The deal comes after a challenging few years for 2seventy bio, which had divested research programmes in recent years.

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.

More than a year into a strategic pivot to zero in on the multiple myeloma cell therapy Abecma, 2seventy bio is selling itself to partner Bristol Myers Squibb. | More than a year into a strategic pivot to zero in on the multiple myeloma cell therapy Abecma,

Cambridge: 2seventy bio, Inc. has announced a definitive merger agreement under which Bristol Myers Squibb will acquire all of the outstanding shares of 2seventy bio at a price of $5.00 per

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