(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.

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.

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.

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,

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