Anne Wojcicki's nonprofit TTAM Research Institute has been approved to buy back 23andMe for $305 million after the company's bankruptcy, marking a significant turnaround. The deal includes key assets like the DNA testing service and research operations, amid ongoing privacy concerns and legal challenges related to customer data. Wojcicki aims to continue the company's mission to democratize access to genetic information, with commitments to privacy and transparency.
A bankruptcy court approved the $305 million sale of 23andMe to a nonprofit led by former CEO Anne Wojcicki, aiming to prioritize customer privacy and data security, amid ongoing concerns and legal challenges over genetic data handling.
Anne Wojcicki, former CEO of 23andMe, regained control of the genetic testing company by bidding $305 million at auction, outbidding Regeneron Pharmaceuticals, after the company filed for bankruptcy due to declining demand and a data breach. The sale has sparked legal challenges from multiple states over privacy concerns, with a court hearing scheduled to determine the company's future.
Anne Wojcicki, cofounder and former CEO of 23andMe, has agreed to buy back the company's assets for $305 million after a bankruptcy auction, aiming to regain control amid legal and financial challenges, including a significant data privacy controversy and declining revenues.
Anne Wojcicki's nonprofit, TTAM Research Institute, won the bid to acquire 23andMe for $305 million after its bankruptcy, outbidding Regeneron. The deal includes most of 23andMe's assets, and the acquisition aims to continue its mission while addressing privacy concerns. The deal requires court approval scheduled for June 17.
A nonprofit controlled by Anne Wojcicki has won the bid to buy 23andMe out of bankruptcy, potentially allowing Wojcicki to return as CEO. The deal, worth $305 million, raises privacy concerns over genetic data, with legal challenges from states over the sale of genetic information without explicit consent. The sale aims to continue 23andMe's mission of accessible genetic understanding while addressing privacy issues.
Anne Wojcicki is reclaiming control of 23andMe by purchasing its assets through TTAM Research Institute for $305 million after the company's bankruptcy, surpassing an earlier bid from Regeneron Pharmaceuticals, amid ongoing privacy and profitability challenges.
Genetic testing company 23andMe is cutting 40% of its workforce, amounting to 200 employees, and halting all therapy program developments as part of a restructuring effort. CEO Anne Wojcicki stated the move aims to focus on the company's core consumer business and research partnerships. The company is also exploring strategic alternatives for its therapies, such as licensing agreements and asset sales. Wojcicki's attempt to take the company private has faced challenges, including the resignation of independent directors in September. The restructuring is expected to save over $35 million annually.
