2seventy bio restructuring sees 40% workforce cut and CEO stepping down
US cell and gene therapy biotech 2seventy bio (Nasdaq: TSVT) had a bumpy ride this morning, after it announced a restructuring of its business operations and research and development model to significantly reduce costs while supporting the execution of a prioritized plan for the long-term growth of the company.
The stock rose 10.7% to $4.85 pre-market but was down 5.5% at $4.14 by mid-morning.
At the same time, Nick Leschly has informed the company’s board of directors that he intends to step down as chief executive as soon as the board identifies his successor. The company expects that Mr. Leschly will be appointed chairman of the board upon this transition.
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