2Seventy Bio Sells Pipeline to Regeneron to focus on Multiple Myeloma CAR-T
January 30, 2024
Rare Daily Staff
Bluebird Bio spinout 2Seventy Bio said that it has entered into an agreement to sell its oncology and autoimmune research and development programs, clinical manufacturing capabilities, and related platform technologies to Regeneron.
2Seventy Bio said it will focus exclusively on the commercialization and development of Abecma, its BCMA-targeted CAR-T therapy for multiple myeloma.
In 2018, Regeneron and Bluebird Bio entered into an agreement 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.
Under the terms of the new agreement, Regeneron will acquire full development and commercialization rights of 2Seventy Bio’s preclinical and clinical stage pipeline and will assume ongoing program, infrastructure, and personnel costs related to these programs. There will be an upfront payment of $5 million and a single milestone payment from Regeneron to 2Seventy Bio for the first major market approval of the first approved product. Regeneron will pay 2Seventy Bio a low single-digit percent royalty on revenues generated by the products.
The transaction is expected to close in the first half of 2024 subject to certain closing conditions including SEC-filings required by 2Seventy Bio and landlord consent of the sublease agreements.
Regeneron created Regeneron Cell Medicines to advance the next generation of cell therapies and explore combinations with Regeneron’s proprietary antibodies and bispecifics. An estimated 150 employees from 2Seventy Bio will transition to Regeneron to continue their work on cell therapy programs and will remain located in Cambridge, Massachusetts and Seattle, Washington. Philip Gregory, currently the chief scientific officer of 2Seventy Bio, will become senior vice president and head of Regeneron Cell Medicines upon closing of the transaction.
“Our expertise in antibody technologies and emerging genetics capabilities, combined with 2Seventy’s cell therapy platforms, presents a significant opportunity to address cancer and other serious diseases in new and impactful ways,” said George Yancopoulos, board Co-Chair, co-founder, president, and chief scientific officer of Regeneron. “By integrating 2Seventy’s pipeline of cell therapies and their talented team, we are complementing our own expertise and portfolio of innovative immuno-oncology treatments, which will allow for potentially transformative combinations that can really make a difference in patients’ lives.”
As a result of this strategic re-alignment, the company said it expects to realize annual savings of approximately $150 million in 2024 and approximately $200 million in 2025, inclusive of one-time restructuring costs of approximately $8 million. The company expects to have extended cash runway beyond 2027.
2Seventy Bio will focus exclusively on the development and commercialization of Abecma, which it said offers significant clinical benefits and long-term potential in the treatment of patients with multiple myeloma. The company’s go-forward organization will include approximately 65 employees, primarily in quality and supporting functions. Upon closing of the transaction with Regeneron, Chip Baird, chief operating officer, will become CEO of 2Seventy Bio.
2Seventy Bio, in partnership with Bristol Myers Squibb, is taking steps 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 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.
Photo: George Yancopoulos, board Co-Chair, co-founder, president, and chief scientific officer of Regeneron
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