Regeneron Pharmaceuticals will acquire 23andMe's assets for $256 million after the latter's Chapter 11 bankruptcy filing earlier this year. This acquisition includes 23andMe's personal genome service, health research services, and biobank. Regeneron aims to help 23andMe enhance its mission while ensuring customer privacy is upheld. Notably, 23andMe had faced numerous challenges, including significant layoffs and a class-action lawsuit settlement. Despite going public in 2021 with a valuation of $6 billion, the company struggled to turn a profit, prompting its financial downfall.
Under the agreement, Regeneron must comply with the firm's privacy policies and applicable law regarding customers' personal data.
We believe we can help 23andMe deliver and build upon its mission to help those interested in learning about their own DNA and how to improve their personal health.
The deal maximizes the value of the business and enables the mission of 23andMe to live on, while maintaining critical protections around customer privacy.
23andMe filed for Chapter 11 bankruptcy protection, with CEO and cofounder Anne Wojcicki stepping down immediately.
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