Anne Wojcicki, the co-founder and former CEO of 23andMe, has regained management over the embattled genetic testing firm after her new nonprofit, TTAM Analysis Institute, outbid Regeneron Prescribed drugs, the corporate introduced Friday.
TTAM will purchase considerably all of 23andMe’s belongings for $305 million, together with its Private Genome Service and Analysis Providers enterprise traces in addition to telehealth subsidiary Lemonaid Well being. It’s a giant win for Wojcicki, who stepped down from her function as CEO when 23andMe filed for Chapter 11 chapter safety in March.
Final month, Regeneron introduced it could buy most of 23andMe’s belongings for $256 million after it got here out on high throughout a chapter public sale. However Wojcicki submitted a separate $305 million bid by TTAM and pushed to reopen the public sale. TTAM is an acronym for the primary letters of 23andMe, in keeping with The Wall Avenue Journal.
“I’m thrilled that TTAM Analysis Institute will be capable to proceed the mission of 23andMe to assist individuals entry, perceive and profit from the human genome,” Wojcicki stated in a press release.
23andMe gained reputation due to its at-home DNA testing kits that gave clients perception into their household histories and genetic profiles. The five-time CNBC Disruptor 50 firm went public in 2021 by way of a merger with a particular function acquisition firm. At its peak, 23andMe was valued at round $6 billion.
The corporate struggled to generate recurring income and rise up viable analysis and therapeutics companies after going public, and it has been tormented by privateness issues since hackers accessed the data of practically seven million clients in 2023.
TTAM’s acquisition continues to be topic to approval by the U.S. Chapter Court docket for the Jap District of Missouri.
