2seventy bio to lay off 40% of workforce

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(Reuters) – 2seventy bio 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.