23andMe bought by Regeneron in court auction

It has been nearly two months since 23andMe declared bankruptcy and the company has officially been sold. The US biotech company Regeneron has agreed to buy 23andMe and all of its assets for $256 million (even though it was valued at $50 million in March). This purchase marks the end of former 23andMe CEO Anne Wojcicki's bid to buy the company, which included resigning in order to make an independent offer. 

According to Mark Jensen, Chair and member of the Special Committee of the Board of Directors of 23andMe, Regeneron is offering to keep all of the former company's employees. This decision, "will allow us to continue our mission of helping people access, understand and gain health benefits through greater understanding of the human genome," he said in a release. 

The announcement also tries to emphasize data protection following 23andMe users' concerns about where their information might end up and, in some cases, deleting their data from the site. “We are pleased to have reached a transaction that maximizes the value of the business and enables the mission of 23andMe to live on, while maintaining critical protections around customer privacy, choice and consent with respect to their genetic data," said Jensen. 

The sentiment was echoed by its soon to be new owner. "Through our Regeneron Genetics Center, we have a proven track record of safeguarding personal genetic data, and we assure 23andMe customers that we will apply our high standards for safety and integrity to their data and ongoing consumer genetic services," said George D. Yancopoulos, MD, PhD, co-founder, board co-chair, president and chief scientific officer of Regeneron in a statement. "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."

How exactly 23andMe will shake out after the Regeneron purchase is to be seen. The company has taken a dramatic fall in recent years, since going public. Hackers accessed the information of 6.9 million people in 2023 and 23andMe laid off over 200 people last year. 

This article originally appeared on Engadget at https://www.engadget.com/big-tech/23andme-bought-by-regeneron-in-court-auction-174003286.html?src=rss https://www.engadget.com/big-tech/23andme-bought-by-regeneron-in-court-auction-174003286.html?src=rss