Somerville-based gene therapy company Bluebird Bio Inc. is laying off its employees by 30 percent, around 150 people.

The layoffs are part of a restructuring that is expected to save up to $160 million over the next two years.

The announcement comes only two months after the company’s plan to commercially launch three new drugs by the end of next year.

READ MORE: MASSACHUSETTS BIOTECHNOLOGY COMPANY ANNOUNCES JOB CUTS

CEO Andrew Obenshain said: “Today, we are taking decisive action to extend our cash runway, and put bluebird in a stronger position to execute on our strategic priorities and ultimately bring potentially curative gene therapies to patients and their families.”

“The decision to reduce our workforce in support of a more focused set of priorities was not taken lightly, and we are grateful to every bluebird who has helped to progress the field of gene therapy and championed our mission.”

The company is considering other cash-raising alternatives, including equity financings and any priority review voucher sale. 

Last November, Bluebird Bio had confirmed plans to relocate its headquarters from Cambridge to Somerville by spring 2022.

Source: The Business Journals

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