In April, Anne Wojcicki started contemplating taking the genetics testing company private. 

Founded in 2006, 23andMe went public in 2021 via a merger with a special purpose acquisition company, a deal that valued 23andMe at around $3.5 billion. The company witnessed a significant decline in its valuation, once at $6 billion.

Wojcicki, the former spouse of Google founder Sergey Brin, emphasized her opposition to any other buyer acquiring the company. 

“Therefore, we are not prepared to move forward under the terms provided. Importantly, we request that you immediately withdraw your stated intent to oppose any alternative transaction so that we can fully assess whether there is interest from third parties in a transaction that would maximize value for all shareholders.”

Bloomberg report highlighted that Anne Wojcicki reaffirmed her commitment to privatizing the company.

In a memo obtained by Bloomberg News, Wojcicki expressed her belief that operating outside the constraints of public markets would better align with the company’s long-term mission and goals, stating, “I remain convinced that taking 23andMe private presents the best path to achieving sustainable success.”

She said she would start identifying new board members immediately.

Price Action: ME stock closed at $0.34 on Tuesday. 

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