23andMe is laying off 40 percent of its employees, or over 200 employees, as the corporate makes an attempt to get well from final yr’s huge knowledge breach and reverse its plummeting inventory value. The genetic testing firm additionally introduced that it’s going to shut down its therapeutics enterprise.
Although 23andMe says the restructuring plan will price it round $12 million, it expects to save lots of greater than $35 million because of this, whereas “considerably” reducing working bills. 23andMe’s therapeutics division, which studied potential most cancers remedies utilizing its database of genetic materials, will finish all scientific trials, as the corporate considers licensing agreements or asset gross sales to “maximize” this system’s worth.
“We’re taking these tough however vital actions as we restructure 23andMe and give attention to the long-term success of our core client enterprise and analysis partnerships,” Wojcicki stated in a press release.
