Genetic Testing Company underlined 23 and announced on Friday That he has reached an agreement to sell himself to a non -profit organization led by the co -founder of the company and former CEO Anne Wojcicki.
Following a huge cyberspace in 2023 and a relevant lawsuit settlement, 23andme was bankrupt in March, with Wojcicki resigning to become an independent bidder for the company. However, the Pharmaceutical Company Regeneron was announced as a company buyer with a bid of $ 256 million.
According to Wall Street magazineWojcicki’s non -profit Institute of TTAM Research re -opened the bidding process by making an unwanted offer earlier this month, and Regeneron refused to beat TTAM’s $ 305 million.
In the announcement, TTAM (an acronym corresponding to the first twenty -three and me letters) stated that customers would be informed of at least two business agreements before the conclusion of the agreement and that the non -profit organization would continue to comply with the protection of its customer protection. He also said that he would create a consulting council to protect consumer privacy within 90 days of closing.
“I am excited that the Ttam Research Institute will be able to continue the 23ndme mission to help people have access, understand and benefit from human genome,” Wojcicki wrote on Linkedin. “We believe that it is crucial for people who have the power to have a choice and transparency in relation to their genetic data and to have the opportunity to continue learning about the dangers of their origin and health as they wish.”
The acquisition must be approved by the Court of Bankruptcy and is facing additional legal barriers – a group of 28 Attorney General led by New York’s Letitia James filed lawsuit This week is opposed to selling the company’s assets.
“23 And it cannot auction millions of personal genetic information without their consent,” James said.
A privacy -defined mediator also said that it is not clear that 23Adme’s privacy policies allow the sale of its genetic data, according to the WSJ.
Nor is it clear that 23andme could regain consumer confidence if the deal is passed. Joseph Selsavage’s interim chief executive has recently told a home supervisory committee that 15% of customers had requested to delete their data since the company was bankrupt.
