- Anne Wojcicki’s nonprofit will acquire all of 23andMe’s assets for $305 million the company revealed Friday.
- Previous month Regeneron declared it would buy most of 23andMe’s assets for $256 million but it was outbid
- 23andMe filed for Chapter 11 bankruptcy protection in March
23andMe was famous because of its at home DNA testing kits that gave consumers insight into family histories and genetic profiles.
The five time CNBC Disruptor 50 company went public in 2021 through a merger with special purpose acquisition company.
At its peak 23andMe was valued at $6 billion.
Anne Wojcicki the co founder and former CEO of 23andMe has control over genetic testing company after her new nonprofit TTAM Reserach Institute outbid Regeneron Pharmaceuticals the company declared friday.
TTAM will gain all of 23andMe assets for $305 nillion, consisting its personal genome service and reserach service business lines as well as telehealth subsidiary lemonaid health.
It’s a great win for Wojcicki who stepped down form her character as CEO when 23andMe file for Chapter 11 bankruptcy protection in March.
Past month, Regeneron revealed it would buy most of 23andMe’s asset for $256 million after it came out on top during bankruptcy auction.
Wojcicki submitted a separate $305 million bid through TTAM and pushed to reopen the auction.
TTAM is acronym for first letters of 23andMe, according to The Wall Street Journal.
“I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to assist people access understand and benefit from human genome” Wojcicki said in statement.
TTAM acquisition is subject to approval by the US Bankruptcy Court for Eastern District of Missouri.
The company struggle to produce recurring revenue and stand up viable research and therapeutic businesses after going public it has been plagued by privacy worries since hackers accessed the data of seven million consumers in 2023.