Brief: 2Seventy Bio Announces Strategic Restructuring To Prioritize Growth Of Abecma, Streamline Pipeline Advancement And Preserve Financial Runway

2Seventy Bio

12/09/2023 12:15

2Seventy Bio Inc  TSVT.O :
    * 2SEVENTY BIO ANNOUNCES STRATEGIC RESTRUCTURING TO
PRIORITIZE
GROWTH OF ABECMA, STREAMLINE PIPELINE ADVANCEMENT AND PRESERVE
FINANCIAL RUNWAY
    * 2SEVENTY BIO INC - APPROXIMATELY 40% WORKFORCE REDUCTION
COMBINED WITH RELATED ACTIONS EXPECTED TO ACHIEVE $130+ MILLION
SAVINGS IN 2024-2025 PERIOD
    * 2SEVENTY BIO INC - PROJECTED CASH RUNWAY INTO AT LEAST
2026 TO
SUPPORT FOCUS ON LONG-TERM MISSION
    * 2SEVENTY BIO INC - CEO NICK LESCHLY ANNOUNCES PLANS TO
STEP DOWN
AS CEO AND TRANSITION TO CHAIRMAN OF BOARD OF DIRECTORS
    * 2SEVENTY BIO INC - CEO SEARCH PROCESS HAS BEEN INITIATED
    * 2SEVENTY BIO INC - CFO CHIP BAIRD PROMOTED TO CHIEF
OPERATING
OFFICER
    * 2SEVENTY BIO INC - ELIMINATION OF 176 ROLES, REPRESENTING
APPROXIMATELY 40% OF OUR WORKFORCE
    * 2SEVENTY BIO INC - ONE-TIME RESTRUCTURING COSTS OF
APPROXIMATELY
$9 MILLION, PRIMARILY INCURRED IN Q3 OF 2023
    * 2SEVENTY BIO INC - CURRENT BALANCE OF CASH, CASH
EQUIVALENTS,
AND MARKETABLE SECURITIES EXPECTED TO SUPPORT OPERATIONS INTO
2026

Source text for Eikon:  ID:nBw2LPcVXa 
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