23andMe’s founder wins bid to regain control of bankrupt DNA testing firm

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"Anne Wojcicki's TTAM Research Wins Bid to Acquire 23andMe Amid Bankruptcy"

23andMe’s founder wins bid to regain control of bankrupt DNA testing firm analysis cover image The Guardian 8.0
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Original Article Source: https://www.theguardian.com/technology/2025/jun/16/23andme-founder-wins-bid-dna-testing
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TruthLens AI Summary

Anne Wojcicki, the former CEO of 23andMe, is poised to reclaim control of the genetic testing firm following a successful $305 million bid from the non-profit TTAM Research Institute, which she oversees. This bid surpassed a previous offer of $256 million made by Regeneron Pharmaceuticals. Wojcicki's initiative came after her initial attempts to take the company private were rejected by the board during her tenure as CEO. The auction for 23andMe's assets occurred against the backdrop of the company's recent bankruptcy filing in March, attributed to declining demand for DNA testing services and a significant data breach that compromised the sensitive genetic information of millions of customers. The court hearing related to the sale is scheduled for June 17, with expectations that the deal will finalize shortly thereafter.

The bankruptcy has severely impacted 23andMe's customer base, with approximately 15% of its users opting to close their accounts out of concern for their genetic data amidst fears of a sale to an unknown buyer. Legal experts have advised customers to proactively request the deletion of their DNA data to ensure privacy protection. In response to these concerns, TTAM has pledged to uphold existing privacy policies and adhere to relevant data protection laws. Concurrently, regulatory actions have emerged, with New York and more than two dozen states filing lawsuits against 23andMe to contest the potential sale of customers' private information. While Regeneron expressed a willingness to increase its offer, it sought a $10 million breakup fee should Wojcicki's bid ultimately be accepted, highlighting the competitive nature of the bidding process and the ongoing scrutiny surrounding the company's future operations and customer privacy policies.

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Source URL: https://www.theguardian.com/technology/2025/jun/16/23andme-founder-wins-bid-dna-testing

23andMe’s former CEO is set to regain control of thegenetictesting company after a $305m bid from a non-profit she controls topped a pharmaceutical company’s offer for it in a bankruptcy auction.

Last month, Regeneron Pharmaceuticals agreed to buy the firm for $256m, topping a $146m bid from Anne Wojcicki and the non-profit TTAM Research Institute. The larger offer prompted Wojcicki to raise her own with the backing of a Fortune 500 company, according to the former executive. The deal is expected to close in the coming weeks after a court hearing currently scheduled for 17 June, the company said on Friday.

Wojcicki had made multiple bids to take the company private while still CEO. The company’s board rejected her each time, and all of its independent directors eventually resigned in response to her takeover attempts.

Once a trailblazer in ancestry DNA testing, 23andMe filed for bankruptcy in March, seeking to sell its business at auction after a decline in demand and a 2023 data breach that exposed sensitive genetic and personal information of millions of customers.

23andMe has lost a major chunk of customers since declaring bankruptcy, with the threat of a sale of users’ most sensitive information – the company sequences a person’s entire genome – to an unknown buyer looming. The company has said that about 15% of its existing customers have requested the closure of their accounts in response to its bankruptcy and planned sale. Experts have advised customers to ask the company delete their DNA data for privacy protection. TTAM said on Friday it would uphold 23andMe’s existing privacy policies and comply with all applicable data protection laws. Earlier this week, New York and more than two dozen other US states sued 23andMe to challenge the sale of its customers’ private information.

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Regeneron had said it was willing to make a new bid, but wanted a $10m breakup fee if Wojcicki’s bid was ultimately accepted.

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Source: The Guardian