2seventy Bio to focus on Abecma commercialization with Bristol Myers Squibb

2seventy bio ( TSVT) , announced that it is transforming the Company to focus exclusively on the commercialization and development of Abecma or idecabtagene vicleucel, its BCMA-targeted CAR T therapy for multiple myeloma. The actions announced follow an extensive evaluation of the Company’s business and strategic alternatives by its Board of Directors. As a result of this strategic re-alignment, the Company expects annual savings of approximately $150 M in 2024 and approximately $200M in 2025, inclusive of one-time restructuring costs of approximately $8M. The Company expects to have extended cash runway beyond 2027…In connection with the Company’s strategic re-alignment, and as announced in a separate press release today by Regeneron Pharmaceuticals (REGN), the Company has entered into an asset purchase agreement with Regeneron to sell the Company’s oncology and autoimmune research and development programs, clinical manufacturing capabilities, and related platform technologies…2seventy bio, in partnership with Bristol Myers Squibb (BMY) , is taking actions to return Abecma to commercial growth in 2024. The Company expects a final PDUFA action following the planned Oncologic Drugs Advisory Committee meeting on the supplemental Biologics License Application sBLA for Abecma based on the KarMMA-3 clinical study, which, if approved, would expand the label into the larger third line setting. 2seventy bio and BMS are expanding its Abecma site footprint to enable more patients to access the treatment. This includes educating physicians on treatment sequencing and the emerging data supporting the use of BCMA-directed CAR Ts before other BCMA-targeted therapies, and competitively differentiating Abecma’s real-world safety, efficacy and product reliability and predictability profile. The Company will continue to support the quality control of the lentiviral vector manufacturing for Abecma and support the transition to suspension LVV which will deliver additional efficiencies and cost savings.