2seventy bio up on selling experimental cell therapies to Regeneron

2Seventy Bio

30/01/2024 14:59

** Cancer treatment maker 2seventy bio's shares  TSVT.O 
rise 9% to $3.8 
    ** Co to sell all its experimental cell therapies to
Regeneron Pharmaceuticals  REGN.O  to focus on its only approved
product Abecma
    ** REGN will take on the program, infrastructure and
personnel costs related to TSVT's trials and pay an upfront
payment of $5 mln along with one milestone payment 
    ** TVST also named Chief Operating Officer Chip Baird as its
new chief executive, while current CEO Nick Leschly takes over
the duties of chairman
    ** Including session gains, stock had fallen ~70% in last 12
months 

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))