2seventy bio cutting 176 jobs, search for new chief executive
2seventy bio Inc. stock (TSVT) rose 2.7% in premarket trading on Tuesday after the T-cell drug company for cancer treatment said it's cutting 176 jobs or 40% of its work force and launching a search for a new chief executive. Current chief executive Nick Leschly will become chairman of the company's board. The company said the job cuts will generate more than $130 million in cost savings. It'll advance fewer drug pipeline programs while building up its collaboration with JW Therapeutics to include new solid tumor and autoimmune programs. 2seventy bio said it no longer expects to generate $470 million to $570 million in 2023 revenue, as sales of its Abecma gene therapy medicine to treat multiple myeloma have declined. 2seventy said it will take a one-time restructuring charge of $9 million for the job cuts.
-Steve Gelsi
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09-12-23 0719ET
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