2seventy Bio (TSVT.US) and Bristol-Myers Squibb Company (BMY.US) have stopped a multiple myeloma therapy trial, expected to save $80 million.

2seventy bio (TSVT.US) and Bristol-Myers Squibb Company (BMY.US) have decided to halt the Phase III clinical trial KarMMa-9 of the T-cell immunotherapy Abecma for newly diagnosed multiple myeloma (NDMM) patients. This decision reflects significant improvements in the treatment outlook for NDMM and is expected to save both companies over $80 million in near-term expenses. Additionally, 2seventy bio expects a 30% increase in revenue for Abecma in the third quarter in the United States, with a double-digit growth in new patient numbers, while Legend Biotech Corp. Sponsored ADR (LEGN.US) and Johnson & Johnson's Carvykti are direct competitors in the multiple myeloma treatment market. According to reports, 2seventy bio and its partner Bristol-Myers Squibb Company announced the termination 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 assess the effectiveness of Abecma in combination with United Therapeutics Corporation's lenalidomide and lenalidomide monotherapy. The decision was made after a thorough review of the commercial reasons for the study. With the halt in new patient recruitment for KarMMa-9, 2seventy bio expects to save over $80 million in expenses, which will help accelerate the company's plan to achieve financial balance. Additionally, 2seventy bio has updated the latest sales situation for Abecma, projecting a 30% increase in revenue in the third quarter compared to the $54 million in the second quarter, with a double-digit growth in new patient numbers. In the multiple myeloma treatment market, 2seventy bio and Bristol-Myers Squibb Company are facing direct competition from the FDA-approved CAR-T cell therapy Carvykti developed jointly by Legend Biotech Corp. Sponsored ADR and Johnson & Johnson.