NEW YORK – 2seventy Bio on Tuesday priced an underwritten public offering of 10,869,566 shares of its common stock at an offering price of $11.50 per share, expecting to raise proceeds of $125 million.
2seventy has also granted the underwriters a 30-day option to purchase an additional 1,630,434 shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on March 3. Goldman Sachs, Cowen, and SVB Securities are acting as joint bookrunning managers for the offering.
2seventy expects to use the funds to advance development of its pipeline, advance its ongoing KarMMA trials of CAR T-cell therapy Abecma (idecabtagene vicleucel) in earlier lines of treatment, and support commercial activities related to Abecma, the firm said in a filing with the US Securities and Exchange Commission.
The firm is currently studying Abecma, which 2seventy is developing with Bristol Myers Squibb, in the Phase III KarMMA-3 trial in relapsed and refractory multiple myeloma patients after two to four prior lines of therapy. 2seventy published results from the trial last month showing Abecma improved progression-free survival over standard regimens with a median progression-free survival of 13.3 months versus 4.4 months, respectively. The therapy is approved in the US for relapsed and refractory multiple myeloma patients who have received four or more prior lines of therapy.
2seventy has two other clinical-stage CAR T-cell therapies being studied in pediatric acute myeloma leukemia and B-cell non-Hodgkin lymphoma.
The firm noted that as of Dec. 31, it held $267.7 million in cash, cash equivalents, and marketable securities.