Bluebird bio to cut 25% of workforce as part of restructuring (updated)

bluebird bio

24/09/2024 12:29

(Adds cost-reduction details in paragraph 2, background in
paragraph 3 and share movement in paragraph 4)
       Sept 24 (Reuters) - Bluebird bio  BLUE.O  said on
Tuesday it would cut 25% of its workforce as the gene therapy
maker restructured operations to increase focus on its three
approved products.
    The company expects the restructuring to lead to a 20%
reduction in its cash operating expenses by the third quarter of
2025.
    This is bluebird's second major workforce reduction after it
cut 30% of its jobs in 2022 to save $160 million in costs.
    Shares of the Massachusetts-based company rose nearly 2% in
premarket trading.    

 (Reporting by Christy Santhosh; Editing by Shilpi Majumdar)
 ((Christy.Santhosh@thomsonreuters.com;))