Regeneron to buy 23andMe out of bankruptcy for $256 million

Regeneron has agreed to buy 23andMe, the once buzzy genetic testing company, out of bankruptcy for $256 million under a court-supervised sale process.

23andMe declared bankruptcy in March and announced it would seek a buyer, while also saying that co-founder and CEO Anne Wojcicki would resign. 

Under the proposed agreement with Regeneron, the Tarrytown, New York, drugmaker will acquire 23andMe's assets, including its personal genome service and total health and research services. Regeneron said Monday that it will abide by 23andMe's privacy policies and applicable law to protect customer data.