Anne Wojcicki, co-founder and former CEO of 23andMe, has regained control of the genetic testing company through her nonprofit, TTAM Research Institute, after outbidding Regeneron Pharmaceuticals. TTAM’s successful bid of $305 million will acquire most of 23andMe’s assets, including its Personal Genome Service and telehealth subsidiary, Lemonaid Health. This marks a significant comeback for Wojcicki, who stepped down as CEO when 23andMe filed for Chapter 11 bankruptcy protection in March.
Last month, Regeneron announced a $256 million purchase of 23andMe’s assets after winning a bankruptcy auction, but Wojcicki’s proactive approach led her to submit a higher bid and request a reopening of the auction process. TTAM, named after the initials of 23andMe, aims to continue the company’s mission of providing accessible genetic insights to consumers. Wojcicki expressed her excitement about this opportunity, emphasizing her commitment to helping people understand and benefit from genetic information.
23andMe became popular for its at-home DNA testing kits, which offered insights into ancestry and genetic traits. After going public in 2021 through a SPAC merger, the company reached a valuation of approximately $6 billion. However, it has faced significant challenges, including difficulties in generating consistent revenue and concerns over privacy, particularly after a cybersecurity breach compromising data from nearly seven million customers in 2023.
TTAM’s acquisition is pending approval from the U.S. Bankruptcy Court for the Eastern District of Missouri, which will determine the future direction of 23andMe under its new leadership.
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