Anne Wojcicki to Buy Back 23andMe After Bankruptcy Filing

Anne Wojcicki, co-founder and former CEO of 23andMe, is poised to acquire the company following its Chapter 11 bankruptcy protection filing earlier this year. On Friday, 23andMe announced that TTAM Research Institute, a nonprofit public benefit corporation led by Wojcicki, announced in a press release that will be purchasing “substantially all of the Company’s assets” for $305 million.

Previously, New York-based biotech firm Regeneron Pharmaceuticals was in line to acquire 23andMe for $256 million. However, the new agreement with TTAM emerged from a final round of bidding that took place earlier today between TTAM and Regeneron Pharmaceuticals, as stated in the company’s release. Wojcicki had made the “unsolicited offer” earlier this month according to The Wall Street Journal.

23andMe is widely recognized for its at-home genome testing kits, and at its peak, the company was valued at approximately $6 billion according to CNBC. Despite its initial success, the company has struggled to achieve profitability and has faced significant challenges, including a major data breach in 2023. In connection with the breach, 23andMe paid $30 million to settle a lawsuit last year. Following the bankruptcy filing in March, Wojcicki resigned from her position as CEO.

Under the terms of the agreement, TTAM will adhere to 23andMe’s “privacy policies and applicable law” and has committed to implementing additional consumer protections and privacy safeguards. This includes the establishment of a consumer privacy advisory board within 90 days of the deal’s closure. The transaction is still pending court approval but is anticipated to finalize “in the coming weeks.”