23andMe will preserve providing prospects its DNA testing providers after being purchased out of chapter. New York-based biotech firm Regeneron Prescription drugs introduced an settlement on Monday to buy the 23andMe startup for $256 million, alongside its Whole Well being and Analysis Providers enterprise and biobank of buyer information and genetic samples.
Regeneron is the winner of 23andMe’s chapter public sale, which required all bidders to adjust to relevant legal guidelines and the agency’s privateness insurance policies round buyer information. 23andMe says that buyer information is anonymized and that saved genetic samples are destroyed when customers delete their 23andMe accounts, nevertheless it’s unclear how a lot data is retained and will, due to this fact, quickly be in Regeneron’s fingers.
The acquisition is predicted to shut later this 12 months, topic to US Chapter Court docket approval. If all goes forward, Regeneron co-founder George D. Yancopoulos says the acquisition will additional the corporate’s “large-scale genetics analysis” into future medication and coverings.
23andMe has collected genetic samples and information from greater than 15 million prospects since launching its at-home DNA testing equipment enterprise. As soon as briefly valued at $6 billion after going public in 2021, the corporate filed for chapter in March after failing to show a revenue. Its co-founder and former CEO, Anne Wojcicki, concurrently stepped down from the corporate.
“We’re happy to have reached a transaction that maximizes the worth of the enterprise and permits the mission of 23andMe to dwell on, whereas sustaining vital protections round buyer privateness, selection, and consent with respect to their genetic information,” mentioned 23andMe chair Mark Jensen. “We’re grateful to Regeneron for providing employment to all workers of the acquired enterprise items, which can permit us to proceed our mission of serving to folks entry, perceive, and achieve well being advantages by better understanding of the human genome.”
