Anne Wojcicki is set to regain control of 23andMe after a $305 million bid from a nonprofit she controls topped Regeneron Pharmaceuticals‘ offer for the DNA-testing company in a bankruptcy auction.
The final round of bidding was conducted according to procedures approved by the U.S. Bankruptcy Court for the Eastern District of Missouri and designed to allow the Special Committee of 23andMe’s Board of Directors to obtain, consistent with its fiduciary duties, the most value-maximizing transaction for the Company’s stakeholders. At the conclusion of the final round of bidding, TTAM was selected as the winning bidder and Regeneron was selected as the backup bidder.
“That belief built one of the world’s most diverse and engaged genetic research communities. More than 15 million people have joined this journey, and over 80% have chosen to participate in research, contributing to over 275 peer-reviewed publications in cancer, cardiovascular disease, neurological disorders, and more. These discoveries did not just stay academic – those discoveries were also translated into new genetic reports for customers that helped them continue to learn about their own DNA. Thank you to the 23andMe community that participated in research and contributed to discoveries that have had a meaningful impact for the world” wrote Anne Wojcicki in her Twitter post.
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.
The transaction is aligned with 23andMe’s Privacy Statements as TTAM has affirmed its commitment to comply with the Company’s privacy policies and applicable law, process all customer personal data in accordance with the consents, privacy policies and statements, terms of service, and notices currently in effect, and have security controls in place designed to protect such data.
In addition, TTAM has made binding commitments to adopt additional consumer protections and privacy safeguards to enhance protections for customer data and privacy, including (1) Customer Data Rights: TTAM will honor 23andMe’s existing policies that allow individuals to delete their account and genetic data and opt-out of research in perpetuity; (2) Customer Notification: With 23andMe’s cooperation, all customers will be emailed at least two business days before closing with details on TTAM’s role, TTAM’s commitment to privacy choices, and instructions on how to delete data or opt out of research; (3) Data Transfer Restrictions: TTAM will not sell or transfer genetic data in connection with a subsequent bankruptcy or change of control unless the recipient is a qualified domestic entity that adopts TTAM’s privacy policies and complies with all laws; (4) Privacy Advisory Board: Within 90 days of the closing, TTAM will establish a Consumer Privacy Advisory Board; (5) Privacy Procedures and Reporting: TTAM will implement privacy procedures, notify customers of material changes, mitigate data breaches, and prepare annual reports to be made available to Attorneys General upon request; (6) Identity Theft Monitoring: TTAM will offer customers two years of free Experian identity theft monitoring; and (7) Research and Donations: TTAM will continue 23andMe’s policy of allowing de-identified data to be used for scientific and biomedical research to research scholars at academic universities and other nonprofits and refuse donations from individuals or companies in specified countries.
Upon Court approval of the proposed transaction, the definitive agreement with TTAM will fully replace and nullify the previously announced acquisition and underlying asset purchase agreement with Regeneron to acquire 23andMe for $256 million.
“We are pleased that the competitive bidding process has resulted in significantly more value to our stakeholders while enhancing critical protections around customer privacy, choice and consent with respect to their genetic data,” said Mark Jensen, Chair of the Board and member of the Special Committee of the Board of Directors of 23andMe. “As 23andMe’s founder, Ms. Wojcicki is well positioned to advance the Company’s founding vision of helping people access, understand and gain health benefits through greater understanding of the human genome. We will work to complete the transaction quickly so that 23andMe can begin its next chapter as a nonprofit.”
“I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to help people access, understand and benefit from the human genome. We believe it is critical that individuals are empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish,” said Ms. Wojcicki. “The 23andMe community of consented individuals will also have the opportunity to be part of making novel genetic discoveries that improve our knowledge of DNA – the code of life – and the health and wellness of everyone. I remain committed to the 23andMe community and driving forward this mission. The future of healthcare belongs to all of us.”
“I want to end on a personal note. Over the last few years I unfortunately lost my father, my nephew and my sister. These tragedies have sharpened my focus on what is most important to me and how I want to spend my time. My passion is 23andMe. The opportunity to give back to society with our research and help everyone benefit from learning about their genome with a healthier life, is a personal mission where I am dedicating my resources and my time. We all have a disease or health condition that we care about. By coming together as a single community, we are stronger and more powerful to make discoveries and to ultimately make a difference. The future of healthcare belongs to all of us and it’s in our power to make a difference” Wojcicki concludes in her Twitter post.
The proposed transaction remains subject to approval by the Bankruptcy Court and customary closing conditions. A Court hearing to consider approval of the transaction is currently scheduled for June 17, 2025, and the transaction is expected to close in the coming weeks.
