11:27 AM EDT, 04/25/2024 (MT Newswires) -- Standard BioTools ( LAB ) said Thursday it has initiated a restructuring plan with the reduction of around 10% of its workforce.

The job cuts include eliminating specific senior management roles post the SomaLogic (SLGC) merger, the company said.

The restructuring plan is expected to save $45 million to $50 million in fiscal 2025, with the bulk of the cost reduction expected to occur during the latter half of 2024, the company said.

Standard BioTools ( LAB ) said it has also cut costs by streamlining operations, including closing its San Diego research and development facility and implementing savings through a more focused R&D strategy.

Shares of the company were down 3.3% in recent Thursday trading.

Price: 2.34, Change: -0.09, Percent Change: -3.51