2seventy bio, Inc.: M&A transaction — 2seventy bio closes sale of oncology/autoimmune pipeline to Regeneron; focuses on Abecma

2seventy bio, Inc.

Sold oncology/autoimmune R&D programs and clinical manufacturing to Regeneron for $5M upfront; eligible for $10M milestone and royalties.
Approximately 160 employees hired by Regeneron; 2seventy now ~65 employees, exclusively focused on Abecma commercialization with BMS.
Pro forma net loss for 2023 adjusted from $217.6M to $135.5M; cash runway extended beyond 2027.
Amended transition agreement with ex-CEO Nick Leschly clarifies eligibility for benefit plans as Chairman.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

2seventy bio, Inc. completed a disposition involving Regeneron Pharmaceuticals, Inc. for $5 million in cash (closed 2024-04-01).

Action: disposition
Counterparty: Regeneron Pharmaceuticals, Inc.
Consideration: $5 million in cash
Closing: 2024-04-01

Exact text from the filing

On April 1, 2024, the Company completed the transactions contemplated by the Asset Purchase Agreement (the “Asset Sale”) and Regeneron paid the Company $5 million in cash and assumed certain related liabilities.

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Source: SEC EDGAR

accession 0001860782-24-000048

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