Anne Wojcicki, co-founder and former CEO of 23andMe, has regained control of the genetic testing company through her new nonprofit, TTAM Research Institute. TTAM successfully outbid Regeneron Pharmaceuticals, acquiring nearly all of 23andMe’s assets for $305 million. This includes the Personal Genome Service, Research Services, and telehealth subsidiary Lemonaid Health. Wojcicki’s comeback follows her resignation amid 23andMe’s Chapter 11 bankruptcy filing in March.
Previously, Regeneron had aimed to purchase most of 23andMe’s assets for $256 million after outbidding competitors in a bankruptcy auction. However, Wojcicki’s higher bid led her to push for a reopening of the auction, ultimately securing control. TTAM stands for the first letters of 23andMe, emphasizing continued alignment with the company’s original mission. Wojcicki expressed her enthusiasm for continuing 23andMe’s goal of making genomic data accessible and understandable to individuals.
23andMe gained traction with its at-home DNA testing kits, which provided insights into users’ family histories and genetic makeups. At its peak, the company was valued at around $6 billion following its public listing in 2021 via a merger with a special purpose acquisition company. However, it faced challenges in generating consistent revenue and establishing sustainable research and therapeutic initiatives. 23andMe also dealt with privacy issues after a significant data breach in 2023, affecting nearly seven million customers.
TTAM’s acquisition is now pending approval from the U.S. Bankruptcy Court for the Eastern District of Missouri, marking a pivotal moment for Wojcicki and the future of 23andMe.
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