05:59 PM EST, 11/11/2024 (MT Newswires) -- 23andMe Holding ( ME ) plans to cut 40% of its workforce to reduce expenses, discontinue development of therapeutics programs and evaluate alternatives for clinical and preclinical assets.

More than 200 employees will be affected by the workforce cut with up to $12 million in one-time costs incurred, the company said Monday in a statement.

The company expects annualized cost savings of more than $35 million from the restructuring.

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