Google biotech company to leave Israel in 2024

Google's biotechnology company, Verily, will cease operations in Israel three years after opening a research and development center there, UK-based news outlet The Guardian reported on Saturday. The company said the move is to refocus its strategy on its core products. Verily plans to withdraw from Israel by the end of the third quarter of 2024.

A Verily spokesperson said: “As part of our ongoing review of our business needs, Verily has made the difficult decision to begin the process of closing our R&D centers in Haifa and Tel Aviv, Israel. This decision is aligned with our strategy as we continue to streamline operations across the company.”

Founded by Google parent Alphabet in 2015, Verily has become an influential biotech company, raising at least $3.5 billion as of last year. The company recently separated from Alphabet and is preparing plans to go public as an independent company.

The company announced it would open a research and development center in Israel in 2021 and work with hospitals and medical facilities in the country. Asked whether employees at the center would lose their jobs, a spokesperson said the current team in Israel “is expected to leave the company by the end of the third quarter of 2024.”

“The Verily Israel team has driven significant innovation and advances over the past few years, with a particular focus on applying artificial intelligence (AI) technologies to biomedical problems,” the spokesperson said. “We plan to continue this important work from our U.S. base.”

Verily has been implementing cost-cutting plans for more than a year, including a series of job cuts after missing revenue forecasts for 2023. Alphabet is making larger cuts, laying off 12,000 employees in 2023 and another 1,000 in January 2024.

Sources 1/ https://Google.com/ 2/ https://www.ynetnews.com/business/article/sy2u2568c The mention sources can contact us to remove/changing this article

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