Anne Wojcicki's nonprofit gets court approval to buy 23andMe for $305 million
That means Wojcicki's nonprofit TTAM Research Institute will purchase 'substantially all' of San Francisco-based 23andMe's assets for $305 million. The transaction — which arrives more than three months after 23andMe filed for Chapter 11 bankruptcy — is set to officially close in the coming weeks.
'I am thrilled that TTAM will be able to build on the mission of 23andMe to help people access, understand and benefit from the human genome,' Wojcicki said in a statement Monday — later adding that, 'the future of health care belongs to all of us.'
The sale, which was approved by U.S. Bankruptcy Judge Brian C. Walsh on Friday, marks the end of a monthslong bidding war between TTAM and Regeneron Pharmaceuticals — a biotech company that had previously agreed to buy most of 23andMe's assets for $256 million in May. But Wojcicki's nonprofit later topped that offer, winning the final round of bidding held last month.
Under the deal, TTAM will acquire 23andMe's signature 'Personal Genome Service' provided through the company's saliva-based DNA testing kits — as well as research operations and its Lemonaid Health subsidiary, a telehealth services provider that 23andMe previously planned to wind down.
Wojcicki had worked to take 23andMe private for some time. With the company struggling to find a profitable business model since going public in 2021, she's maintained that it would operate better outside market pressures. But that endeavor proved to be tumultuous — notably in September of last year, when all of 23andMe's independent directors resigned from its board citing a 'clear' difference of opinion with Wojcicki on the company's future following drawn-out negotiations.
Leading up to 23andMe's March bankruptcy filing, subsequent efforts from Wojcicki to acquire the company were unsuccessful. And when 23andMe filed for Chapter 11 in late March, Wojcicki resigned as CEO — noting at the time that she was stepping down to be 'in the best position' as an independent bidder.
Now that Wojcicki's nonprofit will acquire 23andMe, it's unclear whether the co-founder will step back into the CEO seat. But despite stepping down from the top post months ago, Wojcicki has remained on the company's board throughout the bankruptcy process.
Beyond financial strains leading up to 23andMe's bankruptcy, privacy concerns related to customers' genetic information also emerged — dating back to even before the bankruptcy process with a 2023 data breach. But concern what new ownership could mean for 23andMe users' personal data has bubbled up in recent months. The genetic testing business had about 13 million customers at the time of its sale hearing, court documents note.
In June, 27 states and the District of Columbia filed a lawsuit seeking to block the sale of personal genetic data by 23andMe without customer consent. And in a memorandum opinion outlining his approval 23andMe's sale to TTAM on Friday, Walsh acknowledged these states' objections to the acquisition — but that noted many had since been resolved. Still, California, Kentucky, Tennessee, Texas, and Utah 'remain actively opposed to the sale.'
Monday Mornings
The latest local business news and a lookahead to the coming week.
In a statement to Politico on Monday, California Attorney General Rob Bonta's office maintained that 23andMe's sale 'does not comply' with genetic privacy law in the state — and said it was 'disappointed' with the court's approval, adding that it was evaluating next steps.
The Associated Press reached out to Bonta's office and 23andMe for further comments on Tuesday.
When announcing its intended sale to Wojcicki's nonprofit last month, 23andMe confirmed that TTAM 'has affirmed its commitment' to comply with the company privacy policies and applicable law. That means TTAM will honor existing policies around consumer data, the company said, which includes allowing users to delete their data and 'opt out' of research.
All customers will be emailed at least two business days before the acquisition closes — with details on TTAM's privacy commitments and instructions on how to delete data or opt out of research, 23andMe said. The company added that TTAM will offer customers two years of Experian identity theft monitoring at no cost.
23andMe reiterated those privacy policies on Monday. And Wojcicki added that, 'Core to my beliefs is that individuals should be empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
21 minutes ago
- Winnipeg Free Press
Tesla sales fell 13% in the last three months as anti-Musk sentiment still has an effect
NEW YORK (AP) — Sales of Tesla electric cars fell 13% in the last three months as boycotts over Elon Musk's political views continue to keep buyers away, a significant development given expectations that anger with the company's billionaire CEO would have faded by now. The plunging sales add to growing signs that Musk's embrace of U.S. President Donald Trump and far-right politicians in Europe has had a deep and enduring hit to the Tesla's brand appeal. The new figures also are a possible sign that Tesla could disappoint when it announces second quarter earnings later this month. In the first three months this year, net income fell 71%. Monday Mornings The latest local business news and a lookahead to the coming week. Sales fell to 384,122 in April through June, down from 443,956 in the same period last year. During this period, Musk formally left the Trump administration as a cost-cutting czar and hopes rose that sales would recover. Sales of the Models 3 and Y totaled 373,728, above the estimate of 356,000 from Wall Street analysts. Tesla shares rose about 4% in premarket trading.
CTV News
2 hours ago
- CTV News
138-year old grocery store staple files for bankruptcy
Del Monte Foods has voluntarily entered Chapter 11 and is looking for a buyer. (Lisa Poole/AP via CNN Newsource) NEW YORK — Del Monte Foods, the 138-year-old company best known for its canned fruits and vegetables, has filed for bankruptcy and is looking for a buyer. Late Thursday, the company announced it was voluntarily entering Chapter 11 and is going through a sale process for all of its assets. Among the company's product lines are a number of well-known kitchen staples, including College Inn broths and Contadina canned tomatoes, as well as its flagship Del Monte brand. 'After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods,' said president and CEO Greg Longstreet, in a statement. Del Monte said it secured US$912.5 million in new funding that will allow the company to remain afloat during the sale process and will keep the company operating as normal as it enters the peak canning season. The company listed liabilities estimated between $1 billion and $10 billion, according to court documents. 'With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success,' added Longstreet. He said that the company has 'faced challenges intensified by a dynamic macroeconomic environment,' notably consumers cutting back on their spending and a growing shift toward spending on private labels. Del Monte 'says that consumer demand has declined causing it to incur increased costs related to surplus inventory that it has had to warehouse and attempt to move off shelves with increased promotional spending,' according to Sarah Foss, global head of legal and restructuring at Debtwire. 'Consumer preferences have shifted away from preservative-laden canned food in favor of healthier alternatives.' Del Monte got its start in 1886 and built its famous cannery in San Francisco in 1907. The company claims that it operated the largest fruit and vegetable cannery in the world by 1909. By Jordan Valinsky, CNN
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Award-winning international correspondent launches a new journalism platform
NEW YORK (AP) — Jane Ferguson has won awards for unflinching reporting from dangerous lands including Afghanistan, Somalia and Yemen. So she was unlikely to be intimidated by seeking financing for a new journalism platform, despite tough times for the news industry. 'It's very high pressure,' said Ferguson, founder of Noosphere. 'I'm used to pressure in the field.' Started this year, Noosphere offers journalists a place to showcase work to consumers who are attracted by a more personal style of reporting than they'd normally see on traditional outlets. It's similar to Substack, with a twist. Instead of paying for feeds of individual journalists — the Substack model — people who subscribe to Noosphere for $14.99 a month get access to all of its journalists. There are 20 so far, expected to increase to 24 with the site's upcoming British launch. Ferguson needed a change after 15 years on the road Noosphere — named to reference a state of consciousness advanced by Jesuit philosopher Pierre Teilhard de Chardin — arrives at a time of flux in the news industry. Consumers are fleeing newspapers and television news and trying different approaches springing up in a new media world. Ferguson raised $1 million to get Noosphere off the ground and is about to announce an additional round of investment. Ferguson, 40, grew up in Northern Ireland, and was attracted to the high-stakes, high-risk world of international reporting. For CNN International and then PBS NewsHour, she worked largely alone, covering stories about famine and war crimes in South Sudan, the conflict in Syria and Afghanistan following the U.S. withdrawal in 2021. The latter experience left her shell-shocked and heartbroken, wondering if she'd reached the end of that phase of her career. 'I had been on the road for 15 years,' she said. 'I was exhausted, and in some respects, burnt out.' She settled in the United States, teaching — and learning — at Princeton. She took classes in entrepreneurship and built contacts in the business world. Ferguson knew how many of her former international colleagues had to hustle to find outlets for their work, and envisioned Noosphere as a landing spot. Her business partner, Seb Walker, worked at Vice Media, known for its strong international reporting before filing for bankruptcy in 2023. 'It's gotten a lot harder to continue making a living doing this,' said Matthew Cassell, an international correspondent whose credits include Vice. A member of Noosphere's inaugural class of journalists, Cassell has posted videos giving his perspectives on the Israel-Iran war, along with recent reporting from the West Bank. Shrouq Al Aila contributed video from Gaza, showing efforts to distribute aid as the sound of gunfire is heard in the background. Oren Ziv reported from a missile strike in Israel, walking through a hospital's shattered hallways to show the destruction. 'It feels like a really high-quality reporter is Face-Timing you from the field,' Ferguson said, 'which is really cool.' News consumers, particularly young ones, are souring on more stilted, conventional television news reporting, said veteran journalist Kate O'Brian, who is on Noosphere's board of directors. 'The stage has been set for an audience who wants to hear directly from the journalist,' O'Brian said. Ferguson envisions a reporting staff that is roughly half international, half based in the United States. Former CNN journalist Chris Cillizza reports on Washington for Noosphere. Chuck Todd signing is Noosphere's biggest to date Her biggest signing to date is former 'Meet the Press' moderator Chuck Todd. He started a Sunday night show in June, with 'War Room' host Steve Bannon and Trita Parsi, founder of the National Iranian American Council, as his first guests. Todd has hired the former producer for Charlie Rose's PBS talk show, a clue to his ambitions for an eclectic show interviewing interesting people from politics and business. 'Jane's hard to say no to,' Todd said. 'Like any smart executive, she knows what she doesn't know, and goes to find smart people who she thinks know more.' Ferguson's bet is that audiences can only afford so many Substack subscriptions to individual journalists, and that Noosphere will offer access to more at a set price. She's also talked to news outlets interested in acquiring some of the reporters' work. The challenge to getting Noosphere established is an increasingly crowded marketplace, and several of her journalists aren't household names. Noosphere journalists are paid a percentage of subscription fees, and given a greater amount if a subscriber specifically cites that contributor's work in signing on. Ferguson will not say how many subscribers she has yet. 'Substack created a market that did not exist before and I give them huge kudos for that,' O'Brian said. 'This is just a different way of approaching it.' Monday Mornings The latest local business news and a lookahead to the coming week. To succeed, 'you have to offer a lot,' Todd said. 'You can't just offer one or two things. Every hot spot around the world, Noosphere will have journalists on the ground. They have a reasonable chance to be very successful in their lane. The question is how big the lane can get.' Todd said Noosphere's advantage is that it has been created by reporters, a distinction from the lack of journalism experience found among executives in the business, he said. Ferguson, too, has wondered whether journalism can survive the diminishment or death of news organizations. 'The solution for the problems of the industry are going to come from journalists and not media executives,' she said. ___ David Bauder writes about the intersection of media and entertainment for the AP. Follow him at and
