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.
2Seventy Cuts Jobs As It Streamlines Pipeline, Focuses On Abecma
CEO Nick Leschly Stepping Down, Remaining As Chairman
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.
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