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00:0223andMe announced on Monday it would cut approximately 40% of its workforce,
00:06impacting over 200 employees. The restructuring includes closing its drug development arm,
00:11ending trials for two advanced drug candidates, and attempting to sell them.
00:15This marks the fifth round of layoffs since early 2023, reducing staff from over 800 to about 300.
00:22The cuts are projected to save $35 million annually. The DNA testing company is shifting
00:27focus to its core consumer DNA testing business, which remains unprofitable.
00:32Attempts to generate revenue from pharmaceutical partnerships
00:36and subscription sales have struggled.
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