Regeneron forms dedicated cell therapy unit with 2seventy's R&D assets
30 Jan 2024
Cell TherapyExecutive ChangeImmunotherapyDrug Approval
Regeneron Pharmaceuticals has acquired full development and commercialisation rights for 2seventy bio's preclinical and clinical-stage cell therapy pipeline. The deal announced Tuesday includes an upfront payment of $5 million and a single milestone payment from Regeneron to 2seventy for the first major market approval of the first approved product, plus a low-single-digit percent royalty on product sales.
The unit, called Regeneron Cell Medicines, will focus on advancing next-generation cell therapies and explore combinations with Regeneron's proprietary antibodies and bispecifics. 2seventy's R&D pipeline includes its bbT369 programme in B-cell non-Hodgkin lymphoma and the acute myeloid leukaemia therapy SC-DARIC33, which is on clinical hold by the FDA following a patient death. The assets also include MUC16 in ovarian cancer, MAGE-A4, autoimmune and several unnamed targets.
"By integrating 2seventy's pipeline of cell therapies and their talented team, we are complementing our own expertise and portfolio of immuno-oncology treatments, which will allow for potentially transformative combinations that can really make a difference in patients’ lives," said George Yancopoulos, chief scientific officer at Regeneron.
Staffing moves
Philip Gregory, the current chief scientific officer at 2seventy, will be appointed head of Regeneron Cell Medicines once the transaction closes in the first half. Another approximately 150 employees from 2seventy, including chief medical officer Steve Bernstein, will also transition to Regeneron to continue their work on cell therapy programmes and will remain located in Cambridge, MA, and Seattle, WA.
That leaves roughly 65 staffers, primarily in quality and supporting functions, left at 2seventy bio. It has also appointed chief operating officer Chip Baird as its new CEO, with its current leader Nick Leschly taking over the duties of chairman.
Focus on Abecma
The agreement marks a strategic shift for the company, which has struggled since spinning off from bluebird bio in 2021 as an independent unit focused on immuno-oncology cell therapies. The spinout announced plans last September to reduce its headcount by 40%, citing the "macro environment for oncology cell therapy companies and the near-term headwinds."
2seventy generates revenue from the BCMA-directed CAR-T cell therapy Abecma (idecabtagene vicleucel), partnered with Bristol Myers Squibb, and now says it will focus exclusively on that as it looks to return the treatment to commercial growth this year. In December, activist investor Engine Capital had advocated for a board overhaul at the company and pressed for 2seventy to devote all its attention on Abecma, which faces competition from Johnson & Johnson and Legend Biotech's rival product Carvykti (ciltacabtagene autoleucel).
The treatment is currently approved in the US and Europe for relapsed or refractory multiple myeloma in the fifth- and fourth-line settings, respectively, although 2seventy and Bristol Myers Squibb are seeking an FDA nod to expand the label into the more lucrative third-line setting. Abecma, along with other currently-approved CAR-T therapies, were recently slapped with black box warnings affecting the entire class about the risk of some secondary cancers.
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