By Colin Kellaher
2seventy bio Inc. on Friday said it inked an expanded collaboration with fellow biotechnology company Regeneron Pharmaceuticals Inc., including a $20 million equity investment at a rich premium.
Cambridge, Mass.-based 2seventy said it sold more than 1.11 million shares to Regeneron at $17.94 apiece, a roughly 86% premium to Thursday's closing price of $9.63.
2seventy said the amendment to the collaboration with Regeneron will facilitate an expanded and accelerated development plan for novel cell therapy-based combinations for solid tumors.
Regeneron, based in Tarrytown, N.Y., in 2018 launched the collaboration with bluebird bio Inc., which spun off its oncology programs into a new entity, 2seventy, in 2021.
2seventy shares were recently changing hands at $10.07, up 4.6%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
01-06-23 0958ET