Replace string literal of unicode character with sed

Question

I have a file that contains the literal text \u0275 and would like to replace it with the unicode character ɵ.

For example when viewing the UTF-8 file the line

"_\u0275DomRendererFactory2_21"

becomes

"_ɵDomRendererFactory2_21"

Attempting both sed -i 's/\u0275/ɵ/g' bundle.js and sed -i 's/\\u0275/ɵ/g' bundle.js results in sed: 1: "bundle.js": undefined label 'undle.js'

How does one search for the string literal \u0275 using sed and replace it with ɵ