Anne Wojcicki to buy back 23andMe and its data for $305 million

Anne Wojcicki, the visionary co-founder of 23andMe, has successfully regained control of the beleaguered genetic testing firm through her new nonprofit, TTAM Research Institute. This acquisition, announced on Friday, comes after TTAM outbid Regeneron Pharmaceuticals for the company’s assets, sealing the deal at $305 million. TTAM’s acquisition encompasses nearly all of 23andMe's business segments, including its Personal Genome Service, Research Services, and the telehealth subsidiary, Lemonaid Health. This marks a significant victory for Wojcicki, who stepped down as CEO when 23andMe filed for Chapter 11 bankruptcy protection earlier this year. Just last month, Regeneron had positioned itself to acquire the majority of 23andMe’s assets for $256 million after winning a bankruptcy auction. However, Wojcicki intervened with a competitive $305 million bid through her nonprofit, prompting a reopening of the auction process. The acronym TTAM represents the initials of 23andMe, as reported by the Wall Street Journal. Expressing her enthusiasm, Wojcicki stated, "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." 23andMe initially gained traction with its innovative at-home DNA testing kits, which provided users with valuable insights into their ancestry and genetic makeup. The company achieved significant recognition as a five-time CNBC Disruptor 50 entity and went public in 2021 through a merger with a special purpose acquisition company, reaching a peak valuation of approximately $6 billion. However, following its public debut, 23andMe encountered challenges in establishing a sustainable revenue model and faced difficulties in developing viable research and therapeutic initiatives. The situation was further complicated by privacy concerns after a data breach in 2023 exposed the personal information of nearly 7 million customers. The acquisition by TTAM still awaits approval from the U.S. Bankruptcy Court for the Eastern District of Missouri.