23andMe cuts 40% of its workforce and discontinues therapeutics division

AP Business Writer

NEW YORK (AP) — 23andMe is laying off 40% of its workforce, or more than 200 employees, and discontinuing its therapeutics division as the struggling genetic testing company attempts to slash costs. Specific timing for the cuts wasn’t immediately known, but the company said it plans to wind down ongoing clinical trials “as quickly as practical” — and that it was currently evaluating “strategic alternatives” for assets related to its drug development programs. The restructuring arrives during a period of turmoil at California-based 23andMe, which has recently included a high-profile data breach, several rounds of previous layoffs and piling losses that plunged the company’s stock over recent years. Back in September, all of 23andMe’s independent directors also resigned from its board.