Biotech company cuts 40% of workforce

Biotech company 2seventy bio is cutting 176 positions — equivalent to 40 percent of its workforce, MarketWatch reported Sept. 12.

Additionally, the company, which makes T-cell drugs for cancer treatment, is launching a search for a new CEO. Its current CEO Nick Leschly will become chair of the company’s board. The company said the cuts will generate $130 million in savings.

For the job cuts, the company is taking a one-time charge of $9 million. 2seventy no longer expects to generate $470 million to $570 million in 2023 revenue.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars