23andMe cuts 40% of its workforce, discontinues all therapy programs

(Reuters) -Genetic testing firm 23andMe said on Monday it is reducing about 40%, or 200 employees, from its workforce and discontinuing further development of all its therapies as part of a restructuring program.

"We are taking these difficult but necessary actions as we restructure 23andMe and focus on the long-term success of our core consumer business and research partnerships," said CEO Anne Wojcicki.

The company said it is evaluating strategic alternatives, including licensing agreements and asset sales, for its therapies in development.

Wojcicki, who has been trying to take the company private since April, is facing a tough challenge after independent directors of 23andMe resigned in September, after not receiving a satisfactory take-private offer from the CEO.



In July, the CEO and co-founder proposed to acquire all outstanding shares of the firm not already owned by her or her affiliates for 40 cents each.

After Monday's restructuring plan, the company expects annualized cost savings of more than $35 million.

Source: Investing.com

Последние публикации
Hyundai Motor: Morgan Stanley Overweight, sees resilience against US tariffs
27.11.2024 - 03:00
China courier group S.F. Holding's shares open flat in Hong Kong trading debut
27.11.2024 - 03:00
Exclusive-In careful protest, China Evergrande's investors press for action
27.11.2024 - 03:00
Japan’s Seven & i rises on report of KKR interest in supermarket unit
27.11.2024 - 03:00
US stock futures steady with PCE inflation in focus
27.11.2024 - 02:00
United says FAA staffing shortages causing significant disruption at Newark hub
27.11.2024 - 01:00
Exclusive-S.Korea pension fund recently selling dollars in forex market, sources say
27.11.2024 - 01:00
Dell forecasts downbeat fourth-quarter revenue on PC weakness
27.11.2024 - 01:00
Australia Senate committee backs bill to ban social media for children
27.11.2024 - 01:00
U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.28%
27.11.2024 - 00:00
Maximus contract with CMS for Medicare services cancelled; shares drop
27.11.2024 - 00:00
HP reports soft Q1 guidance; shares tumble in afterhours trading
27.11.2024 - 00:00
After-hours movers: HP Inc., Dell Technologies, Workday and more
27.11.2024 - 00:00
Goldman strategists outline five reflation, tariff hedges for 2025
27.11.2024 - 00:00
Dell's quarterly revenue misses estimates on PC weakness
27.11.2024 - 00:00

© Analytic DC. All Rights Reserved.

new
Анализ рынка Как повлият завтра отчет NFP на курс доллара США?