Latest news with #bankruptcy
Bloomberg
2 hours ago
- Business
- Bloomberg
Swedish Bankruptcy Rate Edges Higher in May Amid Consumer Gloom
The number of bankruptcies in Sweden continues to tick higher as the uncertainty surrounding tariffs weighs on consumers' willingness to spend. In May, 906 limited liability companies were declared bankrupt, up 3% from the same month a year ago, according to data compiled by credit reference agency Creditsafe i Sverige AB. The year-to-date figure of 4,616 bankruptcies is on par with last year's tally.
Yahoo
7 hours ago
- Business
- Yahoo
Regeneron agrees to purchase bankrupt 23andMe, protect data
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Bankrupt genetic testing company 23andMe announced Monday that it agreed to be sold to biotechnology firm Regeneron Pharmaceuticals for $256 million. The deal, which is subject to approval by a federal bankruptcy court, includes Regeneron's commitment to comply with 23andMe's data privacy policies and 'process all customer personal data in accordance with the consents, privacy policies and statements, terms of service, and notices currently in effect,' according to a press release. '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,' 23andMe Board Chair Mark Jensen said in the release. Sunnyvale, California-based 23andMe filed for bankruptcy in March after facing financial challenges in recent years and a massive data breach in 2023. Federal Trade Commission Chairman Andrew Ferguson is among public officials who have expressed concern about whether data privacy commitments made by 23andMe would be kept in the event of a sale of the company and its assets. 'As you may know, 23andMe collects and holds sensitive, immutable, identifiable personal information about millions of American consumers who have used the Company's genetic testing and telehealth services,' Ferguson said in a March letter to Acting U.S. Trustee Jerry Jensen. The information includes genetic data, biological DNA samples, health records, and ancestry and genealogy details, he said. A spokesperson for the FTC declined to comment on the deal with Regeneron. Under the terms of the agreement, Regeneron will acquire 'substantially all of the assets' of 23andMe. The proposed sale doesn't cover 23andMe's Lemonaid Health subsidiary, which the company plans to wind down, the press release said. '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,' George Yancopoulos, Regeneron's president and chief scientific officer, said in the release. The proposed transaction is expected to close in the third quarter, subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri as well as 'customary closing conditions,' including a review required by U.S. antitrust regulations, the release said. A court hearing to consider approval of the transaction is currently scheduled for June 17. A court-appointed, independent consumer privacy ombudsman will conduct an examination of the transaction and its potential impact on consumers' privacy, according to the release. The ombudsman is expected to present a report to the court by June 10. The deal highlights the need for comprehensive federal data privacy protections, according to J.B. Branch, a 'Big Tech accountability advocate' for Washington-based public interest group Public Citizen's Congress Watch division. 'The precedent is being set that your DNA can be considered a business asset which is in complete contradiction to any notion of human dignity,' Branch said in an email. 'Congress needs to pass real digital privacy laws that are ironclad and protect consumers from having their literal identifiable information sold off to the highest bidder.' Without such federal protections, Regeneron's intentions to prioritize the privacy and security of consumer genetic data 'still leave consumers concerned about their highly sensitive genetic data,' said Suzanne Bernstein, counsel for the Electronic Privacy Information Center, another advocacy group. '23andMe consumers could not have envisioned, or meaningfully consented to their genetic data being sold or used for purposes outside of the original context to discover family heritage or genealogy,' Bernstein said in an email. Recommended Reading FTC chief flags data privacy concerns in 23andMe bankruptcy
Reuters
9 hours ago
- Business
- Reuters
23andMe founder aims to restart auction with major corporate backing
June 1 (Reuters) - The founder of 23andMe ( opens new tab, Anne Wojcicki, has asked a U.S. judge to reopen an auction for the genetic testing company, saying she has the support of a Fortune 500 company with a current market capitalization of more than $400 billion. Wojcicki did not name the Fortune 500 company in court filings. South San Francisco, California-based 23andMe filed for bankruptcy in April, seeking to sell its business at auction after a decline in consumer demand and a 2023 data breach that exposed sensitive genetic and personal information of millions of customers. Last month, Regeneron Pharmaceuticals (REGN.O), opens new tab agreed to buy the firm for $256 million, topping a $146 million bid from Wojcicki and TTAM Research Institute, which was founded by Wojcicki and describes itself as a California non-profit public benefit corporation. In a filing dated May 31, Wojcicki claimed that 23andMe's debtors had attempted to tilt the sales process away from TTAM and in favor of Regeneron. TTAM and Wojcicki said in the filing that 23andMe's financial and legal advisers unfairly capped their maximum bid at $250 million due to misplaced concerns about TTAM's "financial wherewithal". The plaintiffs said the auction was prematurely concluded before they had the opportunity to submit a bid that would have exceeded $280 million. The company's debtors said the auction results came after an extensive and careful consideration by a four-member special committee of independent directors, according to the filing. According to another filing, 23andMe is seeking court approval to let Wojcicki and Regeneron submit final proposals by June 12. 23andMe is also seeking a $10 million breakup fee for Regeneron if Wojcicki's bid is ultimately accepted. Lawyers for 23andMe's debtors, TTAM parties and Regeneron did not immediately respond to emails seeking comment.
Yahoo
9 hours ago
- Business
- Yahoo
23andMe founder aims to restart auction with major corporate backing
(Reuters) -The founder of 23andMe, Anne Wojcicki, has asked a U.S. judge to reopen an auction for the genetic testing company, saying she has the support of a Fortune 500 company with a current market capitalization of more than $400 billion. Wojcicki did not name the Fortune 500 company in court filings. South San Francisco, California-based 23andMe filed for bankruptcy in April, seeking to sell its business at auction after a decline in consumer demand and a 2023 data breach that exposed sensitive genetic and personal information of millions of customers. Last month, Regeneron Pharmaceuticals agreed to buy the firm for $256 million, topping a $146 million bid from Wojcicki and TTAM Research Institute, which was founded by Wojcicki and describes itself as a California non-profit public benefit corporation. In a filing dated May 31, Wojcicki claimed that 23andMe's debtors had attempted to tilt the sales process away from TTAM and in favor of Regeneron. TTAM and Wojcicki said in the filing that 23andMe's financial and legal advisers unfairly capped their maximum bid at $250 million due to misplaced concerns about TTAM's "financial wherewithal". The plaintiffs said the auction was prematurely concluded before they had the opportunity to submit a bid that would have exceeded $280 million. The company's debtors said the auction results came after an extensive and careful consideration by a four-member special committee of independent directors, according to the filing. According to another filing, 23andMe is seeking court approval to let Wojcicki and Regeneron submit final proposals by June 12. 23andMe is also seeking a $10 million breakup fee for Regeneron if Wojcicki's bid is ultimately accepted. Lawyers for 23andMe's debtors, TTAM parties and Regeneron did not immediately respond to emails seeking comment.
Yahoo
13 hours ago
- Business
- Yahoo
23andMe founder says Fortune 500 company backs new buyout offer
The founder of 23andMe has asked a federal bankruptcy court judge to reopen an auction for the genetic testing company, saying she has the Sign in to access your portfolio
