2seventy bio to sell experimental cell therapies to Regeneron (updated)

2Seventy Bio

30/01/2024 12:32

(Adds further details and background in paragraphs 2 to 4)
       Jan 30 (Reuters) - Cancer treatment maker 2seventy bio
 TSVT.O  will sell all its experimental cell therapies to
Regeneron Pharmaceuticals  REGN.O  for an upfront payment of $5
million and focus on its sole approved product Abecma, the two
companies said on Tuesday.
    2seventy bio's shares rose more than 10% in premarket trade.
    In September, 2seventy said it plans to cut 40% of its
workforce to lower costs and focus on its cancer cell therapy
Abecma, for which it has partnered with Bristol Myers Squibb
 BMY.N .
    Investors were pushing for changes within 2seventy, with
activist investor Engine Capital urging for a board refresh at
the company and insisting for focusing exclusively on Abecma.
    Regeneron will take on the program, infrastructure and
personnel costs related to 2seventy's trials and pay the company
just one milestone payment - for the first major market approval
of the first approved product.

 (Reporting by Leroy Leo and Christy Santhosh in Bengaluru;
Editing by Savio D'Souza)
 ((Leroy.Dsouza@thomsonreuters.com ; https://twitter.com/LeroyLeo7;))