Engine Capital sends letter to 2seventy’s board to ‘maximize’ shareholder value

Engine Capital which owns approximately 3% of 2seventy bio outstanding shares, announced that it sent the below letter the 2seventy bio board: That letter said in part: “Engine Capital is a meaningful shareholder of 2seventy bio, (TSVT) with an ownership position of approximately 3% of the Company’s outstanding shares… 2seventy appears focused on the maximum speed it can destroy shareholder value We fear much of this is due to the missteps taken by the Board and the Company’s CEO Nick Leschly, who has a concerning track record of underperformance. As the former CEO of bluebird bio (BLUE), 2seventy’s predecessor…We believe there is a better way. Instead of daydreaming of hypothetical positive clinical data readouts from its pipeline, particularly two early-stage phase 1 trials that may give the Company a last gasp of capital, the Board needs to take the following actions today to protect, maximize and ensure the long-term viability of Abecma, the Company’s most valuable asset: Focus 2seventy exclusively on Abecma and immediately cease or monetize all development programs; Immediately reduce corporate overhead to ensure the Company is free cash flow positive in 2024: Appoint Mr. Baird as 2seventy’s CEO and sever ties with Mr. Leschly.”