2seventy Bio (TSVT.US) and Bristol Myers (BMY.US) halt multiple myeloma therapy trial, expected to save $80M

2seventy bio (TSVT.US) and Biogen (BMY.US) have decided to halt the Phase III clinical trial KarMMa-9 of their T-cell immunotherapy Abecma in newly diagnosed multiple myeloma (NDMM) patients, reflecting the significant improvement in the treatment prospects of NDMM, while expected to save more than $80mn in near-term expenses for both companies. Besides, 2seventy bio expects its CAR-T cell therapy Abecma's revenue in the US to grow about 30% in Q3, with a double-digit increase in new patient numbers, while its direct competitor in the MM treatment market is Carvykti developed by Legend Biotech (LEGN.US) and Johnson & Johnson (JNJ.US).