Anne Wojcicki to buy back 23andMe and its data for $305 million
Anne Wojcicki, the co-founder and former CEO of 23andMe, has regained control over the embattled genetic testing company after her new nonprofit, TTAM Research Institute, out bid Regeneron Pharmaceuticals, the company announced on Friday.
TTAM will acquire substantially all of 23andMe's assets for $305 million, including its Personal Genome Service and Research Services business lines as well as telehealth subsidiary Lemonaid Health. It's a big win for Wojcicki, who stepped down from her role as CEO when 23andMe filed for for Chapter 11 bankruptcy protection in March.
Last month, Regeneron announced that it would purchase most of 23andMe's assets for $256 million after it came out on top during a bankruptcy auction. But Wojcicki submitted a separate $305 million bid through TTAM and pushed to reopen the auction. TTAM is an acronym for the first letters of 23andMe, according to the Wall Street Journal.
"I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to help people access, understand and benefit from the human genome," Wojcicki said in a statement.
23andMe gained popularity because of its at-home DNA testing kits that gave customers insight into their family histories and genetic profiles. The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company. At its peak, 23andMe was valued at around $6 billion.
The company struggled to generate recurring revenue and stand up viable research and therapeutics businesses after going public, and it's been plagued by privacy concerns since hackers accessed the information of nearly 7 million customers in 2023.
TTAM's acquisition is still subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri.
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