Bristol Myers Squibb, 2seventy bio shares fall as FDA delays action on cancer treatment

Shares of Bristol Myers Squibb Co. BMY and 2seventy bio Inc. TSVT fell premarket on Monday after the companies said the U.S. Food and Drug Administration would miss its target date for potential approval of earlier use of a cancer therapy.

Bristol Myers Squibb and 2seventy bio are jointly developing the cell therapy, Abecma, which is already approved for treatment of relapsed or refractory multiple myeloma. The FDA will not make a decision on the drug’s approval for earlier use in multiple myeloma patients before its target…