Bluebird bio gains after cutting 25% workforce to reduce costs

bluebird bio

24/09/2024 12:40

** Shares of gene therapy maker bluebird bio  BLUE.O  rise
as much as 2.3% to 49 cents premarket; last up 1%
    ** Co says it will cut approximately 25% of its workforce as
part of its restructuring to optimize cash flow break-even in H2
2025
    ** Restructuring also to reduce operating cash expenses by
20% - co 
    ** BLUE says it will incur aggregate charged worth $3.7 mln
as a result of restructuring, to be paid out through fiscal year
ending Dec. 31
    ** As of June 30, 2024, co had 375 full-time employees
    ** As of last close, stock down 64.6% YTD

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))