23andMe was once worth $6 billion. What's left of the DNA testing startup is being bought for $256 million.
The assets of failed DNA testing firm 23andMe are being bought for $256 million.
Biotechnology firm Regeneron Pharmaceuticals said on Monday it would acquire 23andMe's personal genome service, total health, and research services business lines, and its biobank of customers' genetic samples.
Regeneron said San Francisco-headquartered 23andMe would continue to offer all consumer genome services.
"We believe we can help 23andMe deliver and build upon its mission to help those interested in learning about their own DNA and how to improve their personal health, while furthering Regeneron's efforts to use large-scale genetics research to improve the way society treats and prevents illness overall," said George Yancopoulos, cofounder, chief scientific officer, and president of Regeneron, in a statement.
Mark Jensen, chair of 23andMe's special committee of directors, said the deal "maximizes the value of the business and enables the mission of 23andMe to live on, while maintaining critical protections around customer privacy, choice and consent with respect to their genetic data."
Under the agreement, Regeneron must comply with the firm's privacy policies and applicable law regarding customers' personal data. The transaction is expected to close in the third quarter of this year.
In March, 23andMe filed for Chapter 11 bankruptcy protection, with CEO and cofounder Anne Wojcicki stepping down immediately.
The firm that offered a popular saliva sample service for analyzing ancestry and health risks went public in 2021 and was briefly valued at $6 billion.
However, it never turned a profit and faced major challenges last year, including a $30 million settlement in a class-action suit following the data of some users becoming compromised, two failed attempts by Wojcicki to take the company private, and about 40% of employees being laid off to cut costs.
23andMe said in a Securities and Exchange Commission filing in November it had debts of $2.3 billion, about $126 million in cash and cash equivalents, and would need additional liquidity.
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