2seventy bio and Bristol Myers Squibb Discontinue KarMMa-9 Phase III Trial for Abecma in Newly Diagnosed Multiple Myeloma, Anticipating Over $80 Million in Cost Savings

2seventy bio (TSVT.US) and Bristol-Myers SquibbBristol-Myers Squibb(BMY.US) has decided to halt the Phase III clinical trial KarMMa-9 for the T-cell immunotherapy Abecma, which targets newly diagnosed multiple myeloma (NDMM) patients. This decision reflects a significant improvement in the treatment outlook for NDMM and is expected to save the two companies over $80 million in near-term expenses. Additionally, 2seventy bio anticipates that revenue from its CAR-T cell therapy Abecma in the U.S. will grow by approximately 30% in Q3, with the number of new patients also expected to increase by double digits. Meanwhile, Legend Biotech (LEGN.US) andJohnson & JohnsonThe company (JNJ.US)’s Carvykti is its direct competitor in the multiple myeloma treatment market.

It is reported that 2seventy bio and its partner Bristol-Myers Squibb announced the discontinuation of the Phase III clinical trial of the T-cell immunotherapy Abecma for newly diagnosed multiple myeloma patients. The study, named KarMMa-9, aimed to evaluate the efficacy of Abecma in combination with lenalidomide versus lenalidomide monotherapy. The companies stated that this decision was made after a thorough review of the commercial rationale for the study.

As the recruitment of new patients for KarMMa-9 has been halted, 2seventy bio expects to save over $80 million in expenditures in the near term, which will help accelerate the company’s plan to achieve breakeven. Additionally, 2seventy bio provided an update on the latest sales of Abecma, forecasting that the drug's revenue in the U.S. for the third quarter will increase by approximately 30% compared to $54 million in the second quarter, with the number of new patients also expected to grow by double digits.

In the multiple myeloma treatment market, 2seventy bio and Bristol-Myers Squibb face direct competition from the FDA-approved CAR-T cell therapy Carvykti, jointly developed by Legend Biotech and Johnson & Johnson.