Latest news with #GeorgeD.Yancopoulos
Newsweek
19-05-2025
- Business
- Newsweek
23andMe To Be Sold in Bankruptcy: What It Means for Your DNA Data
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Biotech giant Regeneron announced Monday that it would acquire DNA testing company 23andMe for $256 million following a bankruptcy auction. The deal includes access to 23andMe's massive personal and genetic data trove from more than 15 million customers. Regeneron, whose experimental antibody cocktail was used on President Donald Trump during his COVID-19 illness, says it will use the data to accelerate drug development. Newsweek contacted Regeneron via email for further comment on the acquisition. Why It Matters The acquisition gives Regeneron, a major player in the biotech industry, access to one of the largest databases of consumer DNA. While the deal promises advancements in personalized medicine and drug discovery, it raises concerns about protecting sensitive genetic data, especially after a recent 23andMe breach compromised millions of user profiles. Headquarters of 23andMe, a personal genomics and biotechnology company headquartered in Mountain View, California, that provides rapid genetic testing. Headquarters of 23andMe, a personal genomics and biotechnology company headquartered in Mountain View, California, that provides rapid genetic To Know The $256 million deal allows Regeneron to acquire nearly all 23andMe's core business assets, including its Personal Genome Service, Total Health and Research Services divisions. The struggling Lemonaid Health subsidiary will be excluded and wound down separately. Regeneron pledged to process all personal data according to privacy policies, and user consent is already in place. A consumer privacy ombudsman will review the deal's impact on customers and present a report to the court by June 10. 23andMe filed for Chapter 11 bankruptcy earlier this year after a data breach exposed the genetic information of 7 million customers. The company made compliance with its privacy policies a requirement for all auction bidders, hoping to ease public fears about misuse or resale of personal data. Regeneron has used genomic data to develop breakthrough treatments for cancer, infectious diseases and chronic illnesses. The company said it would apply its "high standards for safety and integrity" to the 23andMe database and services. The transaction requires approval from the U.S. Bankruptcy Court for the Eastern District of Missouri, a green light under federal antitrust laws and other closing conditions. A hearing is scheduled for June 17, and the companies expect the deal to close in the third quarter. What People Are Saying George D. Yancopoulos, M.D. Ph.D., co-Founder, board co-chair, president and chief scientific officer of Regeneron, in a Monday press release: "We believe we can help 23andMe deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron's efforts to improve the health and wellness of many." Mark Jensen, chair and member of the Special Committee of the Board of Directors of 23andMe, in a Monday press release: "We are grateful to Regeneron for offering employment to all employees of the acquired business units, which will allow us to continue our mission of helping people access, understand and gain health benefits through greater understanding of the human genome." What Happens Next If approved in court, Regeneron will take control of 23andMe's core operations later this year, ushering in a new phase for one of the most prominent names in consumer genetics.
Yahoo
19-05-2025
- Business
- Yahoo
Regeneron to buy bankrupt DNA testing company 23andMe for $256M
(NewsNation) — DNA testing company 23andMe — and its customers' data — will soon belong to Regeneron Pharmaceuticals. Regeneron, a biotechnology company, announced Monday that it will 'acquire substantially all of the assets' of 23andMe through a $256 million deal. Regarding 23andMe's massive DNA database, Regeneron said it plans to process the data 'in accordance with the consents, privacy policies and statements, terms of service, and notices currently in effect.' 'Through our Regeneron Genetics Center, we have a proven track record of safeguarding personal genetic data, and we assure 23andMe customers that we will apply our high standards for safety and integrity to their data and ongoing consumer genetic services,' the company said in a statement. What is TikTok Shop, and where does all the stuff come from? An independent, court-appointed ombudsman will examine the transition and its impacts on customer privacy. That official will present a report to the U.S. Bankruptcy Court for the Eastern District of Missouri by June 10. The purchase came two months after 23andMe filed for Chapter 11 bankruptcy and announced it was open for sale through a court-approved reorganization plan. 'We believe we can help 23andMe deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron's efforts to improve the health and wellness of many,' said George D. Yancopoulos, Regeneron's president, in the statement. Pending approval from the court, the sale could be finalized later this year. 23andMe's path to Chapter 11 bankruptcy — and the exit of CEO Anne Wojcicki after failed takeover bids — began after a data breach in 2023, during which hackers accessed data from nearly 7 million customer profiles. The incident led to tumbling stocks, a decreased interest in the company's DNA testing kits and a $30 million class-action lawsuit settlement. Uber introducing budget-friendly option for commuters In September, the entire independent board of directors resigned. A month later, 23andMe announced mass end-of-year layoffs. Around 40% of the company's workforce, or 200 people, were cut. The company had the genetic data of more than 15 million customers at the time of its bankruptcy filing. While health care information is typically safeguarded under privacy laws, information acquired by direct-to-consumer companies isn't guaranteed the same protection. California Attorney General Rob Bonta warned users in March to purge their data sooner rather than later, calling the sensitive DNA data a 'trove' of sensitive information. What is crypto staking? Adrianus Warmenhoven, a cybersecurity expert at NordVPN, told the Associated Press that 23andMe's data breach and subsequent bankruptcy are a 'wake-up call for data privacy.' 'Genetic data isn't just a bit of personal information — it is a blueprint of your entire biological profile. When a company goes under, this personal data is an asset to be sold with potentially far-reaching consequences,' Warmehoven said. About 80% of 23andMe's customers agree to have their genetic data analyzed for medical research upon signing up for the service, NPR reported last year. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Los Angeles Times
19-05-2025
- Business
- Los Angeles Times
23andMe sells gene-testing business to DNA drug maker Regeneron
Bankrupt genetic-testing firm 23andMe agreed to sell its data bank, which once contained DNA samples from about 15 million people, to the drug developer Regeneron Pharmaceuticals for $256 million. The sale comes after a wave of customers and government officials demanded that 23andMe protect the genetic data it had built up over the years by collecting saliva samples from customers. Regeneron pledged to comply with 23andMe's privacy policy, which allows customers to have their personal information deleted upon request. 'We have deep experience with large-scale data management,' Regeneron co-founder George D. Yancopoulos said in a statement. The company '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.' 23andMe filed for bankruptcy in March after failing to generate sustainable profits by providing medical and ancestry-related genetic testing to more than 15 million customers. About 550,000 people had subscribed to the company's two primary services, which hasn't been enough to keep the company afloat. One of those services, Lemonaid Health, was not part of the sale and will be wound down, 23andMe said in a statement. As part of 23andMe's Chapter 11 bankruptcy, a judge approved the appointment of a privacy ombudsman to monitor the sale process and ensure compliance with privacy policies related to the genetic material submitted by customers. That material, and the genetic data it produced, was 23andMe's most valuable asset. The company has said any buyer must comply with current privacy protections and federal regulations. Regeneron said it will continue to run 23andMe's personal genomic services once the sale closes. The judge overseeing the bankruptcy must approve the sale before it can be completed. In the months leading up its bankruptcy, 23andMe tried to attract a buyer while struggling to end a class-action lawsuit related to a 2023 data breach that gave hackers access to customer information. The company will try to resolve those claims as part of the bankruptcy. The case is 23andMe Holding Co., number 25-40976, in the US Bankruptcy Court for the Eastern District of Missouri. Church and Smith write for Bloomberg.
Yahoo
19-05-2025
- Business
- Yahoo
Regeneron Pharmaceuticals to Acquire 23andMe for $256M
Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) announced today that it will acquire 23andMe for a purchase price of $256 million. 23andMe had filed for bankruptcy protection in March this year, while REGN was the sole bidder for its assets. REGN intends to acquire its Personal Genome Service, Total Health, and Research Services business line, together with its Biobank and associated assets, but does not include its Lemonaid Health subsidiary. A pharmacist in a lab coat carefully analyzing a vial of medicine for its quality. The deal is subject to bankruptcy court and regulatory approvals and other customary closing conditions, with the deal expected to close by the third quarter of 2025. 23andMe will be solely owned and operated by Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN). Co-Founder, Board Co-Chair, President and Chief Scientific Officer of Regeneron, George D. Yancopoulos, M.D. Ph.D., stated: 'Regeneron was one of the first biotech companies to bet its future on the power of DNA, fueling our drug discovery efforts so as to deliver some of the world's leading and most innovative medicines, including treatments to prevent blindness, for allergic diseases from asthma to atopic dermatitis, for several forms of cancer, and even for Ebola and COVID-19'. While we acknowledge the potential of REGN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than REGN and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-05-2025
- Business
- Yahoo
Regeneron, A Leading U.S. Biotechnology Company, to Acquire 23andMe in Court-Supervised Sale
Regeneron Commits to Comply with Company's Privacy Policy and All Applicable Law; No Changes to 23andMe's Privacy Policy or Consumer Genome Services Transaction Subject to Court Approval SAN FRANCISCO, May 19, 2025 (GLOBE NEWSWIRE) -- 23andMe Holding Co. ('23andMe' or the 'Company') (OTC: MEHCQ), a leading human genetics and biotechnology company, today announced that it has entered into a definitive agreement for the sale of 23andMe to Regeneron Pharmaceuticals, Inc. ('Regeneron') (NASDAQ: REGN), a leading U.S.-based, NASDAQ-listed biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. The agreement includes Regeneron's commitment to comply with the Company's privacy policies and applicable law, process all customer personal data in accordance with the consents, privacy policies and statements, terms of service, and notices currently in effect and have security controls in place designed to protect such data. 'We are 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,' said Mark Jensen, Chair and member of the Special Committee of the Board of Directors of 23andMe. He added: 'We are grateful to Regeneron for offering employment to all employees of the acquired business units, which will allow us to continue our mission of helping people access, understand and gain health benefits through greater understanding of the human genome.' Under the terms of the agreement, Regeneron will acquire substantially all of the assets of the Company, including the Personal Genome Service (PGS), Total Health and Research Services business lines, for a purchase price of $256 million. The agreement does not include the purchase of the Company's Lemonaid Health subsidiary, which the Company plans to wind down in an orderly manner, subject to and in accordance with the agreement. 'Regeneron is a science-driven, patient-focused biotechnology company that understands the power of genetic research to improve the lives of individuals, as well as the way society treats and prevents illness as a whole,' said George D. Yancopoulos, M.D. Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. 'When we opened our labs in New York State more than three decades ago, we bet our company's future on the power of DNA, fueling our drug discovery efforts so as to deliver some of the world's leading and most innovative medicines, including treatments to prevent blindness, for allergic diseases from asthma to atopic dermatitis, for several forms of cancer, and even for Ebola and COVID-19. Through our Regeneron Genetics Center, we have a proven track record of safeguarding personal genetic data, and we assure 23andMe customers that we will apply our high standards for safety and integrity to their data and ongoing consumer genetic services. We believe we can help 23andMe deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron's efforts to improve the health and wellness of many.' As part of the Court-supervised sale process, 23andMe required all bidders to guarantee that they will comply with the Company's privacy policies and applicable law. While the transaction aligns with 23andMe's Privacy Statement, a Court-appointed, independent Consumer Privacy Ombudsman ('CPO') will also conduct an examination of the transaction and the impact, if any, on consumers' privacy if the transaction is approved, taking into account the privacy and security program of the proposed acquirer and present a report to the Court by June 10, 2025. The definitive agreement follows the auction's completion on May 16, 2025, as part of the Company's Court-supervised sale process and ongoing Chapter 11 proceedings. The proposed transaction remains subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri (the 'Court"), approval under the Hart-Scott-Rodino Act and customary closing conditions. A Court hearing to consider approval of the transaction is currently scheduled for June 17, 2025 and the transaction is expected to close in the third quarter of 2025. As previously disclosed, the Company secured Court-approved debtor-in-possession ('DIP') financing of up to $35 million from JMB Capital Partners. The outcome of this auction satisfies conditions to access the second tranche of the financing, providing additional liquidity to support the business during the pendency of the sale transaction. Additional information regarding 23andMe's Chapter 11 filing, proceedings and claims process is available at Questions about the claims process should be directed to the Company's claims agent, Kroll, at 23andMeInfo@ or by calling (888) 367-7556. AdvisorsPaul, Weiss, Rifkind, Wharton & Garrison LLP and Carmody MacDonald P.C. are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Moelis & Company LLC is serving as investment banker to the Special Committee of 23andMe's Board of Directors. Reevemark and Scale are serving as communications advisors to the Company. About 23andMe23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. For more information, please visit About Regeneron Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, its unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in its laboratories. Regeneron's medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases. Regeneron pushes the boundaries of scientific discovery and accelerates drug development using its proprietary technologies, such as VelociSuite®, which produces optimized fully human antibodies and new classes of bispecific antibodies. Regeneron is shaping the next frontier of medicine with data-powered insights from the Regeneron Genetics Center® and pioneering genetic medicine platforms, enabling it to identify innovative targets and complementary approaches to potentially treat or cure diseases. For more information, please visit or follow Regeneron on LinkedIn, Instagram, Facebook or X. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. The words 'believes,' 'anticipates,' 'estimates,' 'plans,' 'expects,' 'intends,' 'may,' 'could,' 'should,' 'potential,' 'likely,' 'projects,' 'predicts,' 'continue,' 'will,' 'schedule,' and 'would' or, in each case, their negative or other variations or comparable terminology, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on 23andMe's current expectations and projections about future events and various assumptions. 23andMe cannot guarantee that it will actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements and you should not place undue reliance on 23andMe's forward-looking statements. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond the control of 23andMe), or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements, which could include the following: risks and uncertainties relating to the Company's Chapter 11 case (the 'Chapter 11 case'), including but not limited to, the Company's ability to obtain Court approval with respect to motions in the Chapter 11 case, the effects of the Chapter 11 case on the Company and on the interests of various constituents, Court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general, the debtors' ability to complete the sale of substantially all of their assets to Regeneron under Section 363 of the Bankruptcy Code, the length of time the Company will operate under the Chapter 11 case, risks associated with any third-party motions in the Chapter 11 case, the potential adverse effects of the Chapter 11 case on the Company's liquidity or results of operations and increased legal and other professional costs necessary to execute the Company's reorganization; whether the Company will emerge, in whole or in part, from the Chapter 11 case as a going concern; trading price and volatility of the Company's Class A common stock, $0.0001 par value per share (the 'Common Stock'); and the continuation of trading of the Common Stock on the OTC Pink Market, including whether broker-dealers will continue to provide public quotes of the Common Stock on the OTC Pink Market, whether the trading volume of the Common Stock will be sufficient to provide for an efficient trading market, and whether quotes for the Common Stock will continue on this market in the future. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission (the 'SEC'), including under Item 1A, 'Risk Factors' in the Company's most recent Annual Report on Form 10-K, as filed with the SEC, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The statements made herein are made as of the date of this press release and, except as may be required by law, 23andMe undertakes no obligation to update them, whether as a result of new information, developments, or otherwise. Contact Informationinvestors@ press@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
