2seventy bio rises as it reveals new strategic path forward

31 January 2024

US cell and gene therapy biotech 2seventy bio (Nasdaq: TSVT) saw its share close up almost 15% at $4.01 yesterday, after it announced that it is transforming the company.

2Seventy, which has had a rough ride recently, said it will now focus exclusively on the commercialization and development of Abecma (idecabtagene vicleucel), its BCMA-targeted CAR T therapy for multiple myeloma, and to sell off other assets to Regeneron (Nasdaq: REGN).

As a result of this strategic re-alignment, the company expects annual savings of around $150 million in 2024 and about $200 million in 2025, inclusive of one-time restructuring costs of approximately $8 million. The company expects to have extended cash runway beyond 2027.

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