LOS ANGELES – Biotechnology company Regeneron Pharmaceuticals is acquiring genetic testing company 23andMe for $256 million, two months after 23andMe sought Chapter 11 bankruptcy protection amid financial struggles.
The deal comes after 23andMe announced in March it intended to sell nearly all assets through a court-approved restructuring plan. The company’s co-founder and CEO, Anne Wojcicki, stepped down from her executive role but remains a board member.
The backstory:
In announcing the deal, Regeneron emphasized that it sees significant value in preserving and expanding 23andMe’s core mission of empowering individuals through genetic insights. The company also said it plans to retain all of 23andMe’s current employees.
“We believe we can help 23andMe deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron’s efforts to improve the health and wellness of many,” said Regeneron’s co-founder and Chief Scientific Officer George Yancopoulos.
FILE – Close-up of collection kit for personal genomics technology company 23AndMe on a retail store shelf, March 18, 2019. (Photo by Smith Collection/Gado/Getty Images)
What happens to customer data after Regeneron’s purchase?
Regeneron pledged to comply strictly with existing 23andMe privacy policies, stating it would process all customer data according to current consents, privacy statements, and terms of service, implementing robust security measures.
What’s next:
Shares of Regeneron experienced a minor dip ahead of the market opening following the announcement.
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