In a dramatic turn of events, Anne Wojcicki, co-founder and former CEO of 23andMe, has emerged victorious in a competitive bidding war to regain control of the bankrupt genetic testing company she helped build.
Wojcicki’s nonprofit organization, TTAM Research Institute, agreed to acquire nearly all of 23andMe’s assets for $305 million, outbidding biotech giant Regeneron Pharmaceuticals.
TTAM Outbids Regeneron in Bankruptcy Sale
Regeneron (NASDAQ:REGN) had initially secured a deal to purchase 23andMe for $256 million. However, Wojcicki returned with a higher $305 million bid, prompting 23andMe to request a second auction to reconsider its options.
This led to the selection of TTAM’s offer, which includes added commitments to consumer privacy and data protection.
“We believe it is critical that individuals are empowered to have choice and transparency with respect to their genetic data,” Wojcicki said in a statement. “They should have the opportunity to continue to learn about their ancestry and health risks as they wish.”
