2Seventy Cuts Jobs As It Streamlines Pipeline, Focuses On Abecma

CEO Nick Leschly Stepping Down, Remaining As Chairman

 
• By Mandy Jackson
  
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Nearly two years after its spin-out from bluebird, 2Seventy is slowing in-house R&D and leaning on partners to conserve cash while BMS-partnered Abecma regains its competitive footing.

2seventy Bio, Inc. expected revenue from Abecma (idecabtagene vicleucel) and its $307m in cash as of 30 June to fund its operations into 2026. But with multiple issues impacting sales of its Bristol Myers Squibb Company-partnered product and delays for the T-cell therapy maker’s two clinical-stage programs, 2seventy is restructuring to ensure its cash lasts into at least 2026, with cutbacks that include a 40% workforce reduction, a slowdown in internal R&D and a move to partner more of its programs.

Key Takeaways

  • With Abecma sales set to come in below prior expectations in Q3, 2seventy is cutting jobs and streamlining its R&D pipeline to ensure it has cash at least into 2026.

The restructuring announcement on 12 September comes almost two years after 2seventy was spun out of bluebird bio inc. in...

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