23andMe cuts workforce and abandons drug development

12 November 2024

23andMe (Nasdaq: ME), a human genetics firm and consumer health innovator, has announced a major restructuring, cutting approximately 40% of its workforce.

The move signals the end of the firm’s therapeutic programs, once seen as a way to revive fortunes as its consumer health business faced headwinds.

In its latest restructuring, the company is laying off over 200 employees. The firm has faced a prolonged financial decline, and now aims to reduce costs by around $35 million annually through the measures.

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