Anne Wojcicki, co-founder and former CEO of 23andMe, has regained control of the beleaguered genetic testing company through her nonprofit, the TTAM Research Institute, which outbid Regeneron Pharmaceuticals for the company’s assets. TTAM’s bid of $305 million will secure most of 23andMe’s operations, including its Personal Genome Service, Research Services, and the telehealth subsidiary Lemonaid Health. Wojcicki’s comeback follows her resignation as CEO when 23andMe filed for Chapter 11 bankruptcy protection in March.
Previously, Regeneron had planned to acquire these assets for $256 million after winning a bankruptcy auction. However, Wojcicki pushed to reopen the bidding process, ultimately surpassing Regeneron’s offer. TTAM, which stands for the first letters of “23andMe,” aims to continue the company’s mission of enhancing public access to and understanding of genetic information. Wojcicki expressed her enthusiasm about this development, emphasizing the potential impacts on individuals’ ability to benefit from genetic insights.
23andMe gained fame through its at-home DNA testing kits, which provide customers with family history and genetic profile information. At its height, the company was valued at around $6 billion following its public listing in 2021 via a merger with a special purpose acquisition company. However, it struggled to maintain a steady revenue stream and faced challenges in establishing viable research and therapeutic divisions. The company has also been marred by privacy issues, highlighted by a data breach affecting nearly seven million customers in 2023. The acquisition by TTAM is pending approval from the U.S. Bankruptcy Court for the Eastern District of Missouri.
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