Bluebird bio rises after cutting 25% workforce to reduce costs

bluebird bio

24/09/2024 14:56

(Updates)
    ** Shares of gene therapy maker bluebird bio  BLUE.O  rise
9.2% to 53 cents
    ** Says it will cut ~25% of its workforce as part of its
restructuring to optimize cash flow, for which it aims to break
even in H2 2025
    ** Restructuring to reduce operating cash expenses by 20% by
Q3 next year - co 
    ** BLUE says it will incur aggregate charge worth $3.7 mln
due to restructuring, to be paid out through fiscal year ending
Dec. 31
    ** As of June 30, co had 375 full-time employees
    ** Including session's move, stock down 61.6% YTD

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