DNA-testing site 23andMe to lay off 40% of its workers
Genetic testing company 23andMe, which has been struggling, announced plans to lay off 40% of its workforce, equating to around 200 jobs, as it works to stay afloat.
The once-popular DNA testing platform will also halt its development of therapeutic treatments.
Last year, the company revealed that hackers had breached its system and accessed the personal information of millions of users.
23andMe’s stock has dropped more than 70% this year, as co-founder and CEO Anne Wojcicki seeks to revive the business.
The company expects to incur $12 million in one-off costs, including severance pay, as part of a restructuring plan that will save $35 million.
“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,” Ms. Wojcicki said.
The company also mentioned that it is exploring options for its therapeutic developments, including potential licensing or sales.
23andMe is a leader in the expanding ancestry-testing industry, offering genetic testing for ancestry breakdowns and personalized health insights.
