A nonprofit led by Anne Wojcicki, the former CEO of 23andMe, has successfully acquired the genetic testing company following its bankruptcy filing earlier this year. Wojcicki’s organization, TTAM Research Institute, will purchase 23andMe for $305 million. This acquisition marks the conclusion of a bidding war with Regeneron Pharmaceuticals, which had initially offered $256 million for the company’s assets. Regeneron decided not to raise its bid based on its evaluation of 23andMe’s remaining value.
23andMe, once valued at $6 billion, amassed genetic data from 15 million customers through at-home DNA kits. However, the company struggled to retain customers and faced significant challenges, including resignations of all independent directors and a 40% workforce reduction in late 2024. Privacy concerns have also arisen regarding the potential sale of customer genetic data. TTAM assured compliance with 23andMe’s privacy policies and respect for customer data rights. The deal awaits approval from the US Bankruptcy Court for the Eastern District of Missouri.
— new from CNN
