• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

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

by November 12, 2024
written by November 12, 2024

(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.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Brazil stocks higher at close of trade; Bovespa up 0.03%
next post
Singapore’s Grab hikes FY revenue outlook, shares surge 13%

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • ‘Shogun’ and ‘Hacks’ win top TV honors at Golden Globes
    • Chinese smartphone maker Honor announces new investors

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy