Anne Wojcicki’s nonprofit reaches deal to acquire 23andMe

The genetic testing firm 23andMe, which has faced significant challenges in recent months, announced on Friday that it has struck a deal to be acquired by a nonprofit organization led by Anne Wojcicki, the company's co-founder and former CEO. This development follows a tumultuous period for 23andMe, including a severe cyberattack in 2023 and a subsequent lawsuit settlement that led to its bankruptcy filing in March. After resigning from her position, Wojcicki has emerged as an independent bidder for the company. Initially, pharmaceutical giant Regeneron was poised to acquire 23andMe with a bid of $256 million. However, according to the Wall Street Journal, Wojcicki’s nonprofit, the TTAM Research Institute, re-entered the bidding process with an unsolicited offer of $305 million. Regeneron opted not to counter this bid, paving the way for the nonprofit's acquisition. In their announcement, TTAM, which stands for Twenty-Three And Me, assured customers that they would be informed about the acquisition a minimum of two business days prior to its finalization. The organization emphasized its commitment to upholding 23andMe’s existing privacy policies, which grant customers the right to delete their data and withdraw from research initiatives. Additionally, TTAM plans to create a Consumer Privacy Advisory Board within 90 days of the acquisition's completion. Wojcicki expressed her excitement about the acquisition on LinkedIn, stating, "I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to help people access, understand and benefit from the human genome." She highlighted the importance of empowering individuals with choices regarding their genetic data and providing them the opportunity to explore their ancestry and health risks. However, the acquisition awaits approval from the bankruptcy court and must navigate various legal challenges. A coalition of 28 state attorneys general, led by New York Attorney General Letitia James, filed a lawsuit this week opposing the sale of the company's assets. James argued, "23andMe cannot auction millions of people’s personal genetic information without their consent." Furthermore, a court-appointed privacy ombudsman raised concerns about whether 23andMe's privacy policies permit the sale of its genetic data. The path to restoring consumer trust remains uncertain, especially as interim CEO Joseph Selsavage revealed that 15% of customers have requested to delete their data since the bankruptcy filing.