2seventy bio to lay off 40% of workforce
Sept 12 (Reuters) – 2seventy bio (TSVT.O) said on Tuesday it plans to lay off about 40% of its workforce to lower costs and focus on the biotech firm’s cancer cell therapy Abecma.
The company will save about $130 million in 2024-25 as it eliminates 176 roles.
2seventy bio said it expects a decline in Abecma sales in the third quarter and U.S. revenue for the therapy in 2023 could be lower than the $470-$570 million range it previously projected.
The company added that CEO Nick Leschly will step down and transition to the role of chairman.
Reporting by Pratik Jain in Bengaluru; Editing by Shounak Dasgupta