2seventy bio has announced a revised "strategic path forward," transforming the company to focus exclusively on the commercialization and development of Abecma, its approved BCMA-targeted CAR-T therapy for multiple myeloma.
Abecma, jointly developed and commercialized with Bristol Myers Squibb, became the first cell-based gene therapy approved by the FDA for the treatment of multiple myeloma in March 2021.
In connection with the realignment, the bluebird spinout has entered into an asset purchase agreement with Regeneron to sell off its oncology and autoimmune R&D programs, clinical manufacturing capabilities, and related platform technologies.
Regeneron will form a new company — Regeneron Cell Medicines — in order to assume full development and commercialization rights for 2seventy's preclinical and clinical stage cell therapy pipeline. 2seventy employees who support the acquired programs will join Regeneron Cell Medicines.
The tie-up between Regeneron and 2seventy dates back to 2018, when Regeneron put up $100 million to partner with 2seventy (then bluebird) to discover novel cell therapy approaches to address cancer. Under the original agreement, Regeneron had the right to opt-in to a co-development/co-commercialization arrangement for collaboration targets.
2seventy had previously announced a strategic restructuring back in September, reducing headcount by 40%. The goal was to focus on a "return to growth" strategy for Abecma, pushing to bring the therapy into earlier lines of treatment for multiple myeloma. The FDA was scheduled to make the call on the potential label expansion into triple-class exposed relapsed or refractory multiple myeloma in mid-December, but delayed the decision into 2024.
According to 2seventy, its latest realignment efforts will extend the company's cash runway beyond 2027.
