Anne Wojcicki's nonprofit, TTAM Research Institute, has received court approval to acquire 23andMe, the genetic testing company she co-founded. The $305 million deal follows 23andMe's Chapter 11 bankruptcy filing in March and a bidding war with Regeneron Pharmaceuticals. TTAM will take over 23andMe's DNA testing services, research operations, and telehealth subsidiary. Privacy concerns remain a key issue, with some states opposing the sale due to genetic data protection laws. TTAM has pledged to honor 23andMe's privacy policies, allowing users to delete their data or opt out of research. The acquisition is expected to close soon.
23andMe has filed for Chapter 11 bankruptcy protection and its co-founder and CEO has resigned as the struggling genetic testing company continues its push to cut costs. The company said Sunday that it will look to sell "substantially all of its assets" through a court-approved reorganization plan. The company also said Anne Wojcicki had resigned as CEO but would remain on the company's board. Her resignation comes weeks after a board committee had rejected a nonbinding acquisition proposal from Wojcicki. Shares of 23andMe have shed nearly all their value since last spring and plunged below $1 in early Monday trading.
