ARTICLE | Deals
With Regeneron deal, 2seventy zeroes in on Abecma
Asset sale helps 2seventy prepare for CAR T’s approval in earlier lines
January 31, 2024 1:28 AM UTC
Amid declining sales of CAR T therapy Abecma idecabtagene vicleucel, 2seventy bio Inc. (NASDAQ:TSVT) is now centering its business on that therapy’s development and commercialization with an extended cash runway from the sale of its pipeline and platforms to Regeneron Pharmaceuticals Inc. (NASDAQ:REGN).
The sale will give Regeneron a new cell therapy business unit, with about 150 employees moving over to that company. Among them will be CSO Philip Gregory and CMO Steve Bernstein. Regeneron is paying $5 million up front; shareholders of 2seventy are eligible for a single $10 million regulatory milestone payment, plus royalties...