23andme

Founder of 23andMe buys back company out of bankruptcy auction

TTAM’s winning offer requires judicial approval, and a court hearing to approve the bid is set for next week.

Several US states have filed objections or lawsuits with the court expressing concerns about the transfer of customers’ genetic data to a new company, though those may now be moot because of Wojcicki’s continued involvement.

An expert hired by the court to review data privacy concerns over a sale of 23andMe submitted a report on Wednesday that noted Wojcicki had been chief executive when a 2023 data breach compromised 7 million customer accounts. Litigation over the breach continues, although that liability remains with the bankruptcy estate to be paid off with the proceeds from the winning bid.

Wojcicki was once married to Google co-founder Sergey Brin. 23andMe went public in 2021 through a merger with a blank cheque vehicle sponsored by Richard Branson, quickly reaching a market cap of nearly $6 billion.

The company has been plagued by years of falling revenue as it was unable to grow beyond its genetic testing business, in which customers sent saliva samples in to be analyzed for medical conditions and family genealogy.

Wojcicki had bid 40 cents a share to acquire the company prior to the bankruptcy filing.

Shares of 23andMe, which now trade over the counter, have rocketed to $5.49 on the belief the company will stage a recovery after settling the litigation.

Biotech company Regeneron to buy bankrupt 23andMe for $256M

23andme, DNA, genetic data, health, Policy, regeneron, Science / 9u50fv / May 20, 2025

Biotechnology company Regeneron will acquire 23andMe out of bankruptcy for $256 million, with a plan to keep the DNA-testing company running without interruption and uphold its privacy-protection promises.

In its announcement of the acquisition, Regeneron assured 23andMe’s 15 million customers that their data—including genetic and health information, genealogy, and other sensitive personal information—would be safe and in good hands. Regeneron aims to use the large trove of genetic data to further its own work using genetics to develop medical advances—something 23andMe tried and failed to do.

“As a world leader in human genetics, Regeneron Genetics Center is committed to and has a proven track record of safeguarding the genetic data of people across the globe, and, with their consent, using this data to pursue discoveries that benefit science and society,” Aris Baras, senior vice president and head of the Regeneron Genetics Center, said in a statement. “We assure 23andMe customers that we are committed to protecting the 23andMe dataset with our high standards of data privacy, security, and ethical oversight and will advance its full potential to improve human health.”

Baras said that Regeneron’s Genetic Center already has its own genetic dataset from nearly 3 million people.

The safety of 23andMe’s dataset has drawn considerable concern among consumers, lawmakers, and regulators amid the company’s downfall. For instance, in March, California Attorney General Rob Bonta made the unusual move to urge Californians to delete their genetic data amid 23andMe’s financial distress. Federal Trade Commission Chairman Andrew Ferguson also weighed in, making clear in a March letter that “any purchaser should expressly agree to be bound by and adhere to the terms of 23andMe’s privacy policies and applicable law.”

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