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2seventy bio to lay off 40% of workforce

Adds details on job cuts, CEO transition in paragraphs 2-4

Sept 12 (Reuters) - 2seventy bio TSVT.O said on Tuesday it plans to lay off about 40% of its workforce to lower costs and focus on the biotech firm's cancer cell therapy Abecma.

The company will save about $130 million in 2024-25 as it eliminates 176 roles.

2seventy bio said it expects a decline in Abecma sales in the third quarter and U.S. revenue for the therapy in 2023 could be lower than the $470-$570 million range it previously projected.

The company added that CEO Nick Leschly will step down and transition to the role of chairman.

(Reporting by Pratik Jain in Bengaluru; Editing by Shounak Dasgupta)

((Pratik.Jain@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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