2seventy bio to lay off 40% of workforce (updated)

2Seventy Bio

12/09/2023 12:40

(Adds details on job cuts, CEO transition in paragraphs 2-4)
       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)
 ((Pratik.Jain@thomsonreuters.com))