2seventy Bio Announces Restructuring, To Reduce 176 Roles

(RTTNews) - 2seventy bio, Inc. (TSVT) announced a restructuring of its business operations and research and development model to significantly reduce costs. This includes elimination of 176 roles, representing approximately 40% of its workforce.

2seventy bio estimates annualized cost savings of at least $65 million, or approximately $130 million in the 2024-2025 period. The company projects one-time restructuring costs of approximately $9 million, primarily incurred in the third quarter of 2023.

2seventy bio expects current balance of cash, cash equivalents, and marketable securities to support operations into 2026.

Separately, 2seventy bio, and JW Therapeutics announced their intention to expand strategic alliance. The companies plan to add up to two additional candidates from the 2seventy portfolio, one in solid tumor indications using T-cell receptor based technology and a second in autoimmune disease using a CAR T cell approach.

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