Anne Wojcicki is about 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 purchase the firm for $256 million, topping a $146 million bid from Wojcicki and TTAM Research Institute.
The deal is anticipated to shut in the approaching weeks after a court hearing currently scheduled for June 17, the corporate said on Friday.
Once a trailblazer in ancestry DNA testing, 23andMe filed for bankruptcy in March, searching for to sell its business at auction after a decline in demand and a 2023 data breach that exposed sensitive genetic and private information of hundreds of thousands of consumers.
TTAM said on Friday it might uphold 23andMe’s existing privacy policies and comply with all applicable data protection laws.
Earlier this week, Latest York and greater than two dozen other states sued 23andMe to challenge the sale of its customers’ private information.
The US Bankruptcy Court for the Eastern District of Missouri oversaw the bidding process.
Regeneron had said it was willing to make a brand new bid, but wanted a $10 million breakup fee if Wojcicki’s bid is ultimately accepted.
