来源: Pharmaceutical Technology
来源: Pharmaceutical Technology
Despite restructuring news, the company’s stock rose by 6% in pre-market trading. Image Credit: ProStockStudio / Shutterstock.
来源: Pharmaceutical Technology
2seventy bio will be reducing its workforce by 40% and firing 176 employees in an effort to cut costs.
One of the main reasons cited for restructuring was the decreased 2023 sales forecasts of Abecma (idecabtagene vicleucel), the company’s only approved therapy. The chimeric antigen receptor (CAR) T-cell therapy, developed in partnership with Bristol Myers Squibb, is expected to generate $470m-$570m less in sales than previously projected, as per 2seventy bio. 来源: Pharmaceutical Technology
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Multiple pharma companies have announced staff layoffs this year following FDA rejections and as a general cash reduction measure due to rising inflation. 2seventy bio expects the layoffs to reduce the cash burden by at least $130m over the next two years.
The company expects the one-time restructuring costs to total approximately $9m and expects its remaining cash reserves to last into 2026. Despite restructuring news, the company’s stock was up 6% in pre-market trading.
The company also announced the expansion of its partnership agreement with JW Therapeutics to include two CAR-T cell therapies for development. This builds on the previous collaboration with JW Therapeutics and Regeneron to develop T cell-based immunotherapies. Cell & Gene Therapy coverage on Pharmaceutical Technology is supported by Cytiva. Editorial content is independently produced and follows the highest standards of journalistic integrity. Topic sponsors are not involved in the creation of editorial content.
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