23andMe Sold To Biotechnology Company For $256 Million
HuffPost
The acquisition comes two months after the genetic testing company filed for Chapter 11 bankruptcy protection.
Biotechnology company Regeneron Pharmaceuticals is buying 23andMe for $256 million, two months after the genetic testing company filed for Chapter 11 bankruptcy protection.
In March 23andMe said that it was looking to sell “substantially all of its assets” through a court-approved reorganization plan. Its co-founder and CEO Anne Wojcicki also resigned from the top post, but remained as a board member.
23andMe has faced an uncertain future for some time. Beyond battles to go private, the company struggled to find a profitable business model since going public in 2021. Privacy concerns related to customers’ genetic information have also emerged, notably spanning from a 2023 data breach — along with questions around what new ownership could mean for users’ data.
The proposed transaction with Regeneron includes 23andMe’s personal genome service and total health and research services. It does not include the Lemonaid Health subsidiary, a telehealth services provider which 23andMe plans to wind down.
“We believe we can help 23andMe deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron’s efforts to improve the health and wellness of many,” Regeneron co-founder, board co-chair and Chief Scientific Officer George Yancopoulos said in a statement.
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