Anne Wojcicki, the co-founder and former CEO of 23andMe, is poised to reacquire the company following its filing for Chapter 11 bankruptcy protection earlier this year. On Friday, 23andMe announced, alongside TTAM Research Institute—a nonprofit organization led by Wojcicki—that it would sell “substantially all of the Company’s assets” to TTAM for $305 million.
Last month, Regeneron Pharmaceuticals, a biotech firm based in New York, was in line to purchase 23andMe for $256 million. However, the latest agreement with TTAM emerged from a final bidding round involving both TTAM and Regeneron, as stated in the press release. Wojcicki initially made an unsolicited offer earlier this month, as reported by The Wall Street Journal.
23andMe is recognized for its home-testing genome kits and was once valued at around $6 billion, according to CNBC. However, the company has struggled to achieve profitability and faced significant challenges, including a major data breach in 2023. The firm settled a lawsuit related to the breach for $30 million last year. Following 23andMe’s bankruptcy filing in March, Wojcicki stepped down from her position as CEO.
TTAM has committed to adhering to 23andMe’s privacy policies as well as relevant legal requirements. It will also implement additional consumer protections and privacy measures, including the establishment of a consumer privacy advisory board within 90 days after the deal’s closure. The transaction still requires court approval but is anticipated to conclude “in the coming weeks.”
