BRIEF—Ginkgo to reduce headcount by a third

Boston-based biotech firm Ginkgo Bioworks has announced significant workforce reductions as part of its ongoing restructuring efforts.

The plan, which aims to cut operational costs, was initially approved by management in May and is now moving into its implementation phase.

The company plans to reduce its workforce by at least 35% by 2025.

The first phase, beginning immediately, involves cutting labor expenses and consolidating certain facilities. This initial phase is expected to result in cash costs of at least $12 million for severance and related separation expenses.

Ginkgo Bioworks will disclose more details about the restructuring, including total expected costs, in its upcoming second-quarter earnings call.

The restructuring plan reflects the company's efforts to streamline operations and reduce expenditures in the face of economic challenges.