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How will 23andMe's stock price change by end of 2024?
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23andMe to Lay Off 200 Employees, Discontinue Therapeutics to Focus on Core Genetics Business
Nov 12, 2024, 12:41 AM
Genetic testing company 23andMe announced plans to lay off 40% of its workforce, or roughly 200 employees, incurring up to $12 million in one-time costs as part of a restructuring effort to streamline operations and reduce costs. The firm will discontinue its therapeutics division, effectively exiting the drug development business, to focus on its core consumer genetics offerings. The decision marks a significant shift for the company, which had previously embarked on drug discovery initiatives leveraging its vast genetic data.
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