Latest news with #ArisBaras
Miami Herald
27-05-2025
- Business
- Miami Herald
23andMe to voluntarily delist from Nasdaq, deregister with SEC
May 27 (UPI) -- Human genetics testing firm 23andMe announced Tuesday it will voluntarily delist from the Nasdaq and deregister with the U.S. Securities and Exchange Commission after filing for Chapter 11 bankruptcy protection earlier this year. 23andMe, known for its at-home DNA testing kits and genetic profiles, said it will file a Form 25 Notification of Delisting with the SEC "on or about June 6," according to a company statement. Once the Nasdaq delisting becomes effective, the company will file a Form 15 to deregister with the SEC. "As Nasdaq has not yet made the filing, the company is doing so voluntarily to permit it to file a Form 15 to deregister with the SEC," the company said Tuesday. 23andMe announced in March that it would seek Chapter 11 proceedings in order to facilitate a court-supervised sale of its assets, as the California-based genetics company struggled financially after announcing it would cut its workforce by 40%. "After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business," Mark Jensen, chair and member of the Special Committee of the Board of Directors, said in March. Last week, Regeneron Pharmaceuticals acquired the right to purchase "substantially all" of 23andMe's assets after winning a bankruptcy auction in a deal worth $256 million. At its peak, the company was valued at around $6 billion. The transaction still needs to be approved by the U.S. Bankruptcy Court for the Eastern District of Missouri, as well as other regulators. "23andMe is a pioneer in consumer genetics and research, and we are excited for the opportunity to support their important mission and grow their platform and business," Regeneron senior vice president Aris Baras said in a statement on May 19. "We assure 23andMe customers that we are committed to protecting the 23andMe dataset with our high standards of data privacy, security and ethical oversight and will advance its full potential to improve human health," Baras added. Two years ago, the company disclosed that hackers had stolen ancestry and personal data from 6.9 million 23andMe customers. The leak included DNA data, birthdates, locations and profile photos. It spread to millions of other users through the DNA Relatives feature that provided information on account holders and their relatives. According to an SEC filing in October 2023, 23andMe predicted a loss of between $1 million and $2 million in "onetime expenses" related to the breach. Copyright 2025 UPI News Corporation. All Rights Reserved.
Yahoo
20-05-2025
- Business
- Yahoo
Regeneron wins bid to buy 23andMe out of bankruptcy
This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. Regeneron Pharmaceuticals, a biotechnology company with a long history of large-scale genetics research, plans to buy DNA testing firm 23andMe out of bankruptcy, announcing Monday it was named the successful bidder in a court-run auction. Regeneron's offer, which is still subject to court and regulatory approvals, is a bet it can do what 23andMe couldn't and mine the troves of genetics data the testing firm collects to discover new drug targets. Regeneron plans to continue 23andMe's consumer genome services — a task made easier by its decade of experience sequencing the DNA of millions of people through its genetics center. '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,' George Yancopoulos, Regeneron's co-founder and chief scientist, said in a statement. Under the proposed deal, Regeneron will pay $256 million to acquire 'substantially all' of 23andMe's assets, including its personal genome service, health and research service and biobank. It will also offer jobs to all of the employees at those business units. The purchase would not include the telehealth business Lemonaid Health, which 23andMe will wind down. Regeneron expects the deal will close in the third quarter, assuming it obtains all the necessary approvals. An ombudsman appointed by the bankruptcy court will review the transaction to assess how it might affect the privacy of individuals who previously used 23andMe to sequence their genome. A report from that review is due to the court by June 10, and a hearing is set for June 17. In a statement, Aris Baras, head of the Regeneron Genetics Center, said the company is "committed to protecting the 23andMe dataset with our high standards of data privacy, security and ethical oversight and will advance its full potential to improve human health." The center, which Regeneron launched in 2013, has uncovered more than two dozen novel drug targets by combing through its genome sequencing database. Among them are gene mutations associated with lower risk of obesity and liver disease, as well as a specific variant in the BRCA gene linked to breast and ovarian cancers. The bankruptcy sale is a quiet end for a company that, at its peak, was worth some $6 billion. Co-founded by Anne Wojcicki in 2006, the firm built a brand that became synonymous with personal DNA testing. But it had ambitions to use that data to develop drugs, inking an R&D alliance with GSK in 2018 and then later building its own pipeline of experimental medicines. Recent years have been harder on 23andMe, though. Declining demand for its consumer tests eroded its financial health and share price to the point Wojcicki attempted to take the company private. Her offer was rejected by the board, members of which later resigned to avoid a 'protracted and distracting difference of view' with Wojcicki. After laying off 40% of its staff in November, the firm filed for Chapter 11 bankruptcy in March.
Yahoo
19-05-2025
- Business
- Yahoo
Bankrupt 23andMe to be bought by pharmaceutical company Regeneron for $256 million
Genetic testing firm 23andMe is set to be acquired by drug company Regeneron Pharmaceuticals following its bankruptcy in March, the companies announced on Monday, May 19. Regeneron purchased the pioneering company for $256 million at bankruptcy auction with the intent of using its genomic data to fuel drug discovery, the company said in a Monday statement. More importantly to consumers who have privacy concerns during the proceedings, the pharmaceutical company promised to adhere to 23andMe's existing privacy policy, saying it will "prioritize the privacy, security and ethical use of 23andMe's customer data." "As a world leader in human genetics, Regeneron Genetics Center is committed to and has a proven track record of safeguarding the genetic data of people across the globe, and, with their consent, using this data to pursue discoveries that benefit science and society," Aris Baras, senior vice president and head of the Regeneron Genetics Center, said in a statement. 23andMe will continue to operate as a personal genomics service, which initially gained notoriety as the first company that enabled customers to submit DNA via a home swab and receive a digital map of their ancestry in return. The company filed for Chapter 11 bankruptcy in March and later agreed to allow a court-appointed overseer to monitor the use of genetic data collected from its 15 million users through the sale. Regeneron has agreed to allow an overseer to review its intended use of that data, as well. Since a data breach in October 2023 impacted 6.9 million customers, 23andMe has faced scrutiny from customers and lawmakers alike. In a statement on Monday, 23andMe chair of the Special Committee of the Board of Directors, said the company is "pleased to have reached a transaction that 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." The statement also thanked Regeneron for extending job offers to employees of impacted departments. The sale is subject to the approval via bankruptcy proceedings and relevant regulatory bodies. It is expected to close in the third quarter. This article originally appeared on USA TODAY: Drug company Regeneron to buy bankrupt 23andMe. What about your data?
USA Today
19-05-2025
- Business
- USA Today
Bankrupt 23andMe to be bought by pharmaceutical company Regeneron for $256 million
Bankrupt 23andMe to be bought by pharmaceutical company Regeneron for $256 million Show Caption Hide Caption How to delete 23andMe data 23andMe has filed for bankruptcy. Here's how you can delete your data. Problem Solved Genetic testing firm 23andMe is set to be acquired by drug company Regeneron Pharmaceuticals following its bankruptcy in March, the companies announced on Monday, May 19. Regeneron purchased the pioneering company for $256 million at bankruptcy auction with the intent of using its genomic data to fuel drug discovery, the company said in a Monday statement. More importantly to consumers who have privacy concerns during the proceedings, the pharmaceutical company promised to adhere to 23andMe's existing privacy policy, saying it will "prioritize the privacy, security and ethical use of 23andMe's customer data." "As a world leader in human genetics, Regeneron Genetics Center is committed to and has a proven track record of safeguarding the genetic data of people across the globe, and, with their consent, using this data to pursue discoveries that benefit science and society," Aris Baras, senior vice president and head of the Regeneron Genetics Center, said in a statement. 23andMe will continue to operate as a personal genomics service, which initially gained notoriety as the first company that enabled customers to submit DNA via a home swab and receive a digital map of their ancestry in return. The company filed for Chapter 11 bankruptcy in March and later agreed to allow a court-appointed overseer to monitor the use of genetic data collected from its 15 million users through the sale. Regeneron has agreed to allow an overseer to review its intended use of that data, as well. Since a data breach in October 2023 impacted 6.9 million customers, 23andMe has faced scrutiny from customers and lawmakers alike. In a statement on Monday, 23andMe chair of the Special Committee of the Board of Directors, said the company is "pleased to have reached a transaction that 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." The statement also thanked Regeneron for extending job offers to employees of impacted departments. The sale is subject to the approval via bankruptcy proceedings and relevant regulatory bodies. It is expected to close in the third quarter.
Yahoo
19-05-2025
- Business
- Yahoo
Genetic Data From 23andMe Ends Up With This Company In $256 Million Deal
Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) announced Monday that it has secured the winning bid in the bankruptcy auction for key assets of 23andMe Holding Co. in a $256 million deal to boost its genetics-based drug discovery efforts. The acquisition includes 23andMe's Personal Genome Service, Total Health, Research Services divisions, its Biobank, and associated infrastructure. Regeneron plans to keep consumer services running without disruption and expects the transaction to close in the third quarter of 2025. Regeneron pledged to uphold 23andMe's privacy policies to address concerns over data use and comply with all applicable regulations. A court-appointed Customer Privacy Ombudsman will review the intended data use and oversee privacy safeguards throughout the D. Yancopoulos, Regeneron's co-founder and chief scientific officer, emphasized the company's long-term commitment to leveraging DNA in drug development. He noted that Regeneron has already partnered globally to match de-identified genetic information from nearly three million participants with electronic health records, accelerating breakthroughs in treatments for cancer, infectious diseases, and immune disorders. Aris Baras, head of the Regeneron Genetics Center, reaffirmed the company's focus on ethical data use and scientific advancement. He said the acquisition supports Regeneron's vision of utilizing large-scale genomic research to improve human health. Following completion, 23andMe will become a wholly owned subsidiary of Regeneron. The transaction does not include the company's Lemonaid Health division. Regeneron held Cash and marketable securities of $17.625 billion as of March 31, 2025. Price Action: REGN shares traded lower by 0.66% to $590.40 at the last check Monday. Photo by Michael Vi via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? REGENERON PHARMACEUTICALS (REGN): Free Stock Analysis Report This article Genetic Data From 23andMe Ends Up With This Company In $256 Million Deal originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
