Context:

Anne Wojcicki's nonprofit, TTAM Research Institute, successfully acquired the genetic testing company 23andMe for $305 million after a competitive bid with Regeneron Pharmaceuticals. This acquisition follows 23andMe's bankruptcy filing in March, amid significant internal challenges, including the resignation of its independent directors and substantial layoffs. The acquisition by TTAM, which stands for the first letters of 23andMe, aims to continue the company's mission of providing personalized genetic insights while respecting customer data privacy. Concerns about data privacy have led 27 states and the District of Columbia to file a lawsuit to prevent the sale of genetic data without consent. The deal, covering most of 23andMe's assets, awaits approval from the US Bankruptcy Court for the Eastern District of Missouri, with a hearing scheduled for June 17.

Dive Deeper:

• Anne Wojcicki's TTAM Research Institute won the bid to acquire 23andMe for $305 million, outbidding Regeneron Pharmaceuticals, which offered $256 million based on their assessment of the company's value.

• The acquisition comes after 23andMe's bankruptcy filing in March and follows a tumultuous period marked by the resignation of all independent directors and workforce reductions of about 40%.

• 23andMe, once valued at $6 billion, faced difficulties converting one-time DNA test buyers into subscribers, which contributed to its financial struggles.

• Concerns about data privacy emerged as the bankruptcy filing led 27 states and the District of Columbia to file a lawsuit to prevent unauthorized sales of genetic data.

• TTAM Research Institute plans to uphold 23andMe's privacy policies, offering customers control over their data, while continuing to provide genetic insights and services.

• The acquisition includes nearly all of 23andMe's assets, such as its personal genome service, research services, and Lemonaid Health, a telehealth program acquired in 2021.

• Approval from the US Bankruptcy Court for the Eastern District of Missouri is pending, with a scheduled hearing on June 17 to finalize the acquisition deal.