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Genetic testing company 23andMe just announced a major restructuring — including a 40% reduction in its workforce, or roughly 200 employees.
The company will also discontinue the development of all its therapies as it refocuses on its core consumer business and research partnerships, according to CNN Business.
CEO Anne Wojcicki explained that these “difficult but necessary” steps are aimed at securing the long-term success of the company. As part of its restructuring, 23andMe is evaluating strategic alternatives for its therapies in development, including potential licensing agreements and asset sales.
The restructuring comes amid ongoing challenges for Wojcicki, who has been attempting to take the company private since April. This effort faced a setback in September when 23andMe’s independent directors resigned, citing dissatisfaction with the CEO’s take-private proposal. Earlier this year, Wojcicki proposed to acquire the company’s outstanding shares for 40 cents each, but the offer was deemed inadequate.
Despite these setbacks, the company expects the restructuring to result in annual cost savings of more than $35 million.
