The Assets of Failed DNA Testing Firm 23andme Are Being Bought for $ 256 Million.
Biotechnology firm regeneron Pharmaceuticals Said on Monday It Wauld Acquire 23andme Genome Service, Total Health, and Research Services Business Lines, and Its Boobank of Customers’ Genetic Samples.
Regeneron Said San Francisco-Headquarered 23andme Wauld Continue to Offer All Consumer Genome Services.
“We waist we can help 23andme deliver and build uppon it mission to help those interested in learning their ow and how to improve their personal health, while sturgery regreeneron’s effub Overall, “Said George Yancopoulos, Cofounder, Chief Scientific officer, and President of Regereon, in a Statement.
Mark Jensen, Chair of 23andme’s Special Committee of Directors, Said the Deal “Maximizes the Value of the Business and Ensables the Mission of 23andme to Live on, while MainTaining Critical Protections Around Customer Privacy, Choice and Conssent to Their Genetic Data.
Under the Agreement, Regeneron Must Comply with the Firm’s Privacy Police and Applicable Law Regarding Customers’ Personal Date. The transaction is expensive to Close in the THIRD QUARTER OF THIS YEAR.
In March, 23andme Filed for Chapter 11 Bankruptcy Protection, with CEO and Cofounder Anne Wojcicki Stepping Down Immediately.
The firm that offends a popular Saliva Sample Service for Analyzing Ancestry and Health Risks Went Public in 2021 and was briefly valued at $ 6 billion.
Howver, IT Never Tourned a Profit and Faced Major Challenges Last Year, Including A $ 30 Million Settlement in A Class-Action Suit Following the Date of Some Becoming Compromised, Two Failed AtTitematts by Wojcicki the Company Private, and About 40% Laid off to cut costs.
23andme Said in a Securities and Exchange Commission filing in november it has debts of $ 2.3 billion, About $ 126 million in cash and cash equivalents, and would need additional liquidity.
23andme did not immediately respond to a request for comment.
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