By Siddhi Mahatole and Mariam Sunny (Reuters) -Anne Wojcicki is set to regain control of 23andMe after a $305 million bid from a nonprofit she controls topped Regeneron Pharmaceuticals’ offer for the DNA-testing company in a bankruptcy auction. Last month, Regeneron agreed to buy the firm for $256 million, topping a $146 million bid from […]
Health
23andMe’s founder Anne Wojcicki wins bid for bankrupt DNA testing firm
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By Siddhi Mahatole and Mariam Sunny
(Reuters) -Anne Wojcicki is set to regain control of 23andMe after a $305 million bid from a nonprofit she controls topped Regeneron Pharmaceuticals’ offer for the DNA-testing company in a bankruptcy auction.
Last month, Regeneron agreed to buy the firm for $256 million, topping a $146 million bid from Wojcicki and the non-profit TTAM Research Institute.
The deal is expected to close in the coming weeks after a court hearing currently scheduled for June 17, the company said on Friday.
Once a trailblazer in ancestry DNA testing, 23andMe filed for bankruptcy in March, seeking to sell its business at auction after a decline in demand and a 2023 data breach that exposed sensitive genetic and personal information of millions of customers.
TTAM said on Friday it would uphold 23andMe’s existing privacy policies and comply with all applicable data protection laws.
Earlier this week, New York and more than two dozen other U.S. states sued 23andMe to challenge the sale of its customers’ private information.
The U.S. Bankruptcy Court for the Eastern District of Missouri oversaw the bidding process.
Regeneron had said it was willing to make a new bid, but wanted a $10 million breakup fee if Wojcicki’s bid is ultimately accepted.
(Reporting by Siddhi Mahatole and Manya Saini in Bengaluru; Editing by Sriraj Kalluvila)