Zinger Key Points
- TTAM Research Institute, led by Anne Wojcicki, to acquire nearly all of 23andMe’s assets for $305 million.
- The deal tops a previous $256 million offer from Regeneron Pharmaceuticals.
- The acquisition remains subject to bankruptcy court approval amid ongoing privacy-related legal challenges.
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Anne Wojcicki, co-founder and former CEO of 23andMe, will regain control of the embattled genetic testing company through a $305 million acquisition by her nonprofit TTAM Research Institute, the company announced on Friday. The deal marks the final stage in a bidding contest that began after 23andMe filed for Chapter 11 bankruptcy in March.
According to the company, TTAM will acquire substantially all of 23andMe's assets, including its Personal Genome Service, Research Services, and Lemonaid Health, a telehealth subsidiary acquired in 2021.
The purchase follows a previous winning bid from Regeneron Pharmaceuticals totaling $256 million, announced in May. However, TTAM submitted a higher unsolicited offer, prompting a reopened auction earlier this month. According to court documents cited by The Wall Street Journal, Regeneron declined to increase its bid, due to the company's remaining valuation.
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A Dramatic Turnaround For a Former Market Leader
Founded in 2006, 23andMe gained early popularity for its at-home DNA testing kits, which provide customers with insights into their ancestry and potential health risks. The company went public in 2021 through a special purpose acquisition company merger, reaching a peak valuation of nearly $6 billion.
But after struggling to create a sustainable subscription model and weathering a 2023 cyberattack that exposed the personal data of nearly 7 million users, 23andMe saw its value decline. The company said it laid off about 40% of its workforce in November and halted therapeutic R&D programs.
Wojcicki stepped down as CEO in March, shortly before the bankruptcy filing, to qualify as an independent bidder. Seven independent board members resigned in September, citing concerns over her leadership and privatization efforts.
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Legal Challenges Around Genetic Data
Although TTAM's $305 million offer has been accepted, the deal is not yet finalized. Approval from the U.S. Bankruptcy Court for the Eastern District of Missouri is still pending, with a hearing scheduled for June 17, according to Friday’s statement.
Further complicating the process is a lawsuit filed by 28 state attorneys general led by New York's Letitia James, who say that the sale could violate consumer privacy rights by transferring genetic data without explicit consent. "23andMe cannot auction millions of people's personal genetic information without their consent," James said.
According to the Journal, a court-appointed privacy ombudsman said in a report filed last week that he could not conclude the sale of genetic data was consistent with 23andMe's privacy policies. The report also flagged that TTAM's nonprofit status could exempt it from certain data-protection laws, raising further privacy concerns around the deal.
During a House Oversight Committee hearing on June 10, interim CEO Joseph Selsavage said that 1.9 million people—about 15% of 23andMe's customers—had requested deletion of their data since the bankruptcy filing.
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Wojcicki Promises Privacy Protections
"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. We believe it is critical that individuals are empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish," Wojcicki posted on LinkedIn.
In Friday's announcement, TTAM said it would honor 23andMe's existing privacy policies, allowing users to delete their data and opt out of research participation, according to the release. It also plans to establish a Consumer Privacy Advisory Board within 90 days of the deal's closing.
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