2seventy bio secures $170 million in private placement

Shares of 2seventy bio (Nasdaq: TSVT) were up almost 10% at $13.40 this morning, after the US immuno-oncology cell therapy company announced it has agreed to sell around13,934,427 shares of its common stock to a select group of institutional and accredited investors in a private placement.

2seventy bio was spin out of bluebird bio (Nasdaq: BLUE) last year, and the latest news comes just a week after bluebird revealed it was fast running out of cash.

Upon the closing of the financing, 2seventy bio will receive gross proceeds of about $170 million, before payment of offering commissions and expenses, based on a price of $12.20 per share, the closing price of 2seventy bio’s common stock on Nasdaq on March 15, 2022. The financing is expected to close on March 17, 2022, subject to customary closing conditions. Proceeds from the financing will support 2seventy bio’s ongoing research and development activities as well as general corporate purposes and working capital.