2seventy Bio, Inc. is taking a small initial payment to sell off its cell therapy pipeline to Regeneron Pharmaceuticals, Inc. amid a restructuring that is designed to allow the company to focus on its one marketed product, the Bristol Myers Squibb Company-partnered multiple myeloma CAR-T therapy Abecma (idecabtagene vicleucel). Meanwhile, the deal gives Regeneron an opportunity to become a cell therapy player on top of its rapidly expanding presence in immuno-oncology.
The transaction announced on 30 January sharpens 2seventy’s focus on Abecma just ahead of a US Food and Drug Administration decision that could move the BCMA-targeting treatment into earlier lines of multiple myeloma therapy and greatly expand its addressable population after lower-than-expected sales last year
Key Takeaways
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After lower-than-expected sales of Abecma prompted a restructuring, 2seventy will receive just $5m up front as it sells its R&D pipeline to Regeneron, which will hire most of the biotech’s staff.
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With the deal, 2seventy plans to reduce its headcount from about 280 to 65 and its real estate footprint by 67%, saving $150m in 2024 and allowing it to focus its energy on Abecma
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