2seventy bio rises on restructuring changes including job cuts

2Seventy Bio

12/09/2023 12:37

** Shares of cell and gene therapy co 2seventy bio  TSVT.O 
rise 3.2% to $4.52 premarket
    ** Co announces elimination of 176 roles or a 40% workforce
reduction
    ** TSVT expects to achieve annualized cost savings of at
least $65 mln, or $130+ mln savings in the 2024-25 period
    ** Co to incur one-time restructuring costs of about $9 mln,
primarily in Q3
    ** CEO Nick Leschly announces plans to step down as CEO upon
identification of his successor 
    ** Co initiates CEO search process
    ** Co expects these restructuring changes to ensure runway
into at least 2026
    ** Six of seven brokerages rate the stock "buy" or higher,
one "hold"; their median PT is $25
    ** Up to Monday's close, stock had fallen 53.3% YTD

 (Reporting by Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com;))