Struggling Genetic Testing Company 23andMe To Lay Off 40% Of Its Workforce, Discontinues All Therapeutic Programs

On Thursday, genetics-led consumer healthcare company 23andMe Holding Co. (NASDAQ:ME) announced a business restructuring to streamline operations and reduce costs.

In addition, 23andMe is discontinuing the further development of all its therapeutic programs while evaluating strategic alternatives for its clinical and preclinical assets.

Also Read: Legal Battle Brews Over 23andMe’s Customer Data Breach Settlement And Arbitration Claimants

The company is reducing its overall headcount by over 200 employees, representing approximately 40% of the workforce.

The business restructuring is expected to substantially reduce operating expenses and result in annualized cost savings of more than $35 million. The company expects to incur up to $12 million in costs and expenses.

“We are taking these difficult but necessary actions as we restructure 23andMe and ...