Regeneron to buy 23andMe out of bankruptcy for $256 million
New York-based Regeneron said it had been named the successful bidder in the bankruptcy auction for 23andMe, which has struggled with falling sales following a 2023 data breach that saw nearly seven million accounts affected.
Regeneron CEO George Yancopoulos described his enterprise as "a science-driven, patient-focused biotechnology company that understands the power of genetic research to improve the lives of individuals," adding that the transaction will further "efforts to use large-scale genetics research to improve the way society treats and prevents illness overall."
The companies said in a joint press release that Regeneron will detail its data safeguarding programmes for a review by a court-appointed privacy ombudsman.
Silicon Valley-based 23andMe, which went public in 2021 and was once valued at some $6 billion, sells a mail-back saliva test to determine ancestry or certain health-related genetic traits for less than $200.
At its height a few years ago, the DNA testing craze saw millions of consumers rushing to discover their ancestry and health information with tests from 23andMe becoming popular holiday gifts.
But the company filed for Chapter 11 bankruptcy protection in March 2025. 23andMe said at the time it rejected a takeover offer from its co-founder and former CEO Anne Wojcicki.
The Regeneron transaction must be approved by a U.S. bankruptcy court, which has scheduled a hearing for June 17. The transaction is expected to close in the third quarter.
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Time of India
3 minutes ago
- Time of India
Easing of rare earths bottlenecks may clear way for Indian electronics firms
The electronics industry, arguably the biggest Make-in-India success story, could get a sustainable competitive edge globally on unexpected support from an otherwise strategic rival: move to ease export curbs on rare earth metals and critical minerals removes a critical input-supplies bottleneck for items such as electric cars, laptops, handphones, gaming consoles, or instruments with embedded software and display, industry executives told stabilising costs, the end to import curbs is likely to open new opportunities for advanced research and manufacturing in the earth metals are crucial for manufacturing magnets used in electronics, electric vehicles (EVs), robotics, and next-generation technologies. Earlier, India's electronics ecosystem had experienced disruptions, with Foxconn's Hyderabad plant producing Apple AirPods facing supply shortages after the initial Panda, managing director, Indian Metals and Ferro Alloys, said, 'Industry will be relieved by China lifting its export curbs on rare earth elements and critical minerals. Moreover, it is a positive development which will aid in the normalisation of ties that are in mutual interest.'The recent thaw in India-China relations will help to strengthen Beijing's industrial and diplomatic positions, Jason Oxman, President and CEO of Washington DC-based Information Technology Industry Council (ITI), told ET.'Whenever the US vacates policy space, China wins. Where Washington pulls back from trade agreements or imposes tariffs, Beijing steps in with offers of tariff-free trade. That is a long-term risk to U.S. competitiveness,' he electronics manufacturers also hailed the decision. Rajoo Goel, secretary general, Electronic Industries Association of India (ELCINA), told ET, "The bigger hit was for Indian electronics companies in wearables and electric vehicles (EVs), which rely on rare earth magnets in larger quantities. We heard from companies such as Brandworks and boAt which faced difficulties due to shortages. EV makers were also impacted because rare earths are critical for motors and battery systems. However, I would add that while production slowed, no company had to completely shut down operations."The main lesson from this short disruption is the importance of self-reliance and forward planning, he said. "Unlike China, India hasn't sufficiently invested in securing rare earth supply chains despite a decade of efforts to grow its electronics ecosystem. 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Its primary goal is to secure the supply of critical and strategic minerals for India by identifying, exploring, and acquiring resources from overseas. KABIL is actively engaged in sourcing lithium and cobalt, among other minerals, from countries like Argentina and Australia.A reliable supply, experts said, will help Indian manufacturers scale up production, stabilise costs of raw materials, and plan long-term investments in R& the larger implications of China's policy shift, T Senthil Siva Subramanian, head, Institute Industry Interface Programme, Hindustan College of Science and Technology (Sharda Group of Institutions), Mathura, told ET, 'Lifting export curbs on rare earth metals, particularly Yttrium, will catalyse growth in India's opto-electronics ecosystem. As the global leader in yttrium production , China's policy shift opens new avenues and enormous opportunities for India to accelerate innovation in advanced plasmonic sensing technologies.'He explained that Yttrium's unique hydrogen-sensing properties make it suitable for plasmonic hydrogen gas sensors, and with India advancing indigenous chip design and fabrication, Yttrium-based Sensor Systems on Chip (YSoC) could emerge as a sensors, he said, will be critical for defence, space exploration, and green energy initiatives, including the National Green Hydrogen Mission, Indian Semiconductor Mission, National Quantum Mission, and National Manufacturing Mission. The availability of rare earths, he added, will also empower Indian MSMEs to conduct research, innovate, and manufacture rare earth-based opto-electronic chips—marking a leap in India's domestic inputs from Subhayan Chakraborty and Tanya Pandey in New Delhi.
Time of India
31 minutes ago
- Time of India
Old money, bold moves: Gujarat's business dynasties bet big on startups
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Whether it's a Rs 10 crore stake in a fast-scaling consumer brand or backing a micro venture capital (VC) betting on rural fintech, the state's business families are no longer just preserving their fortunes, they are actively creating new ones. Names like the Chona family's HOCCO, Navneet Stationery, Claris Lifesciences, HoF, and Hari Krishna Exports represent long-standing businesses in Gujarat that have strengthened their position over they are also dealmakers in sectors ranging from consumer tech and agritech to AI and space-tech. For many, the shift began with a single breakout success. A case in point is furniture manufacturer, HOF, which has also forayed into the pharmaceutical sector after Covid. The company's promoters began investing into startups in 2015, when they made their first angel bet, and one of those companies went on to become a unicorn in 2021. "That milestone made us take the space more seriously, and we began treating it as a dedicated asset class. Tired of too many ads? go ad free now While we do not operate a formal family office structure, our family members, since 2021, have been investing systematically through some of India's top fund houses. We are also present in micro VCs like Kettleborough, Sauce VC, and All-in-Capital, a Delhi-based fund. Over the past three years, we have also started taking direct positions in companies," said Dhruvin Patel, director, HOF. Similarly, Claris Capital began its startup journey in 2015 with small seed-stage bets, but has since scaled up to Series A, B, and C rounds, investments in venture funds and co-investments with other backers. In Surat, the Dholakia family — a diamantaire family that runs Hari Krishna Exports — set up Dholakia Ventures in 2020, backing startups from pre-seed to Series A in space tech, EVs, fintech, IT, and e-commerce. A number of legacy business owners are also turning to startup investments individually. Another Surat-based family business – Rases Shah and Co, a chartered accountancy firm – also saw its younger generation venturing towards startup investments since 2020. Mehul Shah, strategic advisor, Ivy Growth Associates, said, "I was already active as a community builder, offering services like valuations. Post-Covid, our fund journey really took off online. Pitch calls opened doors to startups beyond Surat, giving us broader exposure to startups," he said. Shah, along with three partners, now pools capital as co-investors through a SEBI-registered angel fund, channeling money into multiple ventures without taking the lead investor role. Consumer Products, Fintech In Sweet Spots While most FBOs maintain sector-agnostic portfolios, consumer-facing ventures, fintech, and tech-driven models are pulling in the most interest. For Claris Capital, the target is consumer-facing sectors, from FMCG and consumer tech to consumer AI, along with selected plays in fintech, agritech, and deeptech. "The process of reviewing startups and tracking their growth metrics keeps you engaged as an investor. Consumer tech, consumer products, fintech and agritech are promising sectors, with some also having a govt push through structured policies and incentives," said Krishna Handa, founder, Claris Capital. Similarly, HOF has also shown strong interest in consumer products, FMCG distribution, and innovative retail models. "We invested in a South India–based chain offering a plug-and-play kirana store concept, a hypermarket player from the northeast and a fintech firm which specializes in rural insurance distribution. We also made secondary, pre-IPO investments in mature players. Coming from a traditional base in pharma and consumer goods, this is a very different, tech-driven world, but we have stayed focused on hardcore startups with scalable models and strong execution," Patel added. Generational Change Drives Reallocation Of Capital A key catalyst for this trend is the transition of leadership within family businesses. The younger generation, often globally educated and attuned to modern corporate practices, is reshaping how wealth is managed. "You have a younger generation that is more financially literate, globally exposed, and comfortable with alternative asset classes. They are bringing in professional management for their core businesses, which frees up time and capital to explore higher-growth opportunities. Add to that the increasing maturity of India's startup ecosystem, better governance, clearer exit paths, and more scalable business models, and you have a perfect environment for family offices to become active players rather than passive wealth holders," said Umesh Uttamchandani, co-founder, DevX. In many cases, these younger scions began as angel investors, backing early-stage startups with personal funds. Former Sanghi Cement promoter Alok Sanghi, now MD of Resolute Corp, said his decade of startup investing spans disruptive tech, AI, and blockchain. "Partnering with funds reduces investor risk while keeping the door open for higher-reward opportunities and that is the approach we are adopting." From Angel Bets to Institutional LPs The most striking development is the number of FBOs now becoming limited partners (LPs) in established venture capital funds. This shift allows them to participate in broader, curated portfolios while benefiting from the due diligence, sector expertise, and networks that VCs bring to the table. After selling the Havmor ice cream business, the Chona family set up a family office in 2018 to explore startup investments more systematically. "We started as a small sector-agnostic team, first through VC funds like and Sixth Sense, before moving to direct deals," said Nirali Solani, head of the Chona Family Office. Today their portfolio ranges from an IIT Madras–incubated maker of the world's lightest 3D-printed rockets to green energy ventures in solar cell manufacturing, EV battery packs, and charging infrastructure, plus agritech and consumer brands in luggage, orthotics, gaming, and apparel. "Today, our focus is on backing fewer companies but with significant commitments of Rs 10 crore or more, allowing us to go deeper and play a more active role in scaling each business," she added. "Our shift to concentrated bets is about more than money," said promoter Ankit Chona. "We like working with founders early, even pre-launch, and backing businesses where our networks and experience can help them scale faster." Strengthening Local Funding Ecosystem Until recently, a significant portion of venture capital for Indian startups came from overseas be it Silicon Valley funds, Singaporean investment houses, or Middle Eastern sovereign wealth. With Gujarat's family offices stepping in over the past decade, more capital is being mobilized locally. This has two immediate benefits: first, local startups gain faster, more flexible access to growth capital. Second, the regional funding ecosystem strengthens as a self-sustaining loop, successful exits lead to reinvestment, creating a compounding effect. Putting this in perspective, Shrijay Sheth, founder of who is also a startup investor, said, "Better governance, professional management, and scalability in startups have further encouraged family offices to deepen their involvement, according to industry sources. Where once investment was seen as a risky, one-off bet, it is now part of a deliberate long-term wealth strategy. As Gujarat continues to evolve from a manufacturing-heavy economy to one that embraces technology, design, and services, the role of FBOs will likely expand further. " From incubating ventures to backing VC funds, the state's business families are no longer just preserving wealth, they are actively creating the next generation of it. Photo Quotes: We seek innovations with the potential to disrupt and eventually align with our core business. Partnering with funds helps lower risk while keeping us open to high-reward opportunities in AI, blockchain, and beyond Alok Sanghi, MD, Resolute Corp Consumer tech, FMCG, fintech and agritech are where we see real potential. Reviewing startups, tracking their metrics and engaging directly keeps investing exciting, far beyond the passive role of traditional wealth managers. A maturing ecosystem in Gujarat enabled us to go from pre-seed level to Series A, B and C funding in startups Krishna Handa, founder, Claris Capital Our shift to fewer, larger bets is less about than capital and more about partnering with founders early, sometimes pre-launch, and using our networks and experience to help them grow faster and stronger Ankit Chona, Promoter, Chona Family Office Since 2021, we have been systematically investing through top Indian fund houses and micro VCs, alongside direct bets. Our focus is on hardcore startups with scalable models, strong execution, and the potential to transform their sectors Dhruvin Patel, Director, HOF Family offices bring patient capital and deep networks, which India's startup ecosystem needs. They think beyond quarterly returns, investing in resilience and innovation that can outlast market cycles and create generational value Shrijay Sheth, Investor and Startup Owner
The Hindu
33 minutes ago
- The Hindu
AP Maritime Board and APM Terminals sign pact for development of seaports in Andhra Pradesh
The Andhra Pradesh Maritime Board (APMB) and APM Terminals, a subsidiary of the Netherlands-based A.P. Moller Maersk, have entered into an agreement for the development of ports and creation of port infrastructure in the State. Senior executives of the APMB and APM Terminals signed the pact in the presence of Chief Minister N. Chandrababu Naidu at the Secretariat on Thursday. As part of the agreement, APM Terminals would create infrastructure (modern terminals, cargo handling facilities etc.) at and manage the upcomingRamayapatnam, Machilipatnam, and Mulapeta seaports, an official release said. The Dutch maritime sector giant would invest around ₹9,000 crore in the infra development in the Andhra ports, creating employment and livelihood opportunities for nearly 10,000 people. On the occasion, Mr. Naidu stressed the significance of creating an economic ecosystem driven by seaports which play a major role in development, and sought the support of APM Terminals for bringing about an integrated logistics framework that covered cargo transportation through railways, roads, inland waterways and by air. The State should take advantage of the dependence of Telangana and parts of Chhattisgarh, Maharashtra, Karnataka, and Odisha on Andhra Pradesh for their businesses, he suggested. Secretary (Industries) N. Yuvaraj and APM Terminals MD (Asia & Middle East) Jonathan R. Goldner signed the agreement. Minister for Roads and Buildings and Infrastructure B.C. Janardhan Reddy, Maersk Group Head (Public Policy & Regulatory Affairs - India, Bangladesh & Sri Lanka Region) Vivek Sharma, and Manager (Public Policy) Deepali Negi, APMB Chairman Damacharla Satya and CEO Praveen Aditya, and Pipavav Port MD Girish Agarwal were present.
