Anne Wojcicki, co-founder and former CEO of 23andMe, has successfully regained control of the company after her nonprofit, TTAM Research Institute, outbid Regeneron Pharmaceuticals for 23andMe’s assets, offering $305 million. This acquisition includes the Personal Genome Service, Research Services, and its telehealth subsidiary, Lemonaid Health. Wojcicki’s comeback comes after she stepped down when 23andMe filed for Chapter 11 bankruptcy in March.
Regeneron had previously announced a $256 million bid for the assets, but Wojcicki’s higher bid prompted her to request a reopening of the auction, ultimately leading to her nonprofit taking charge. In a statement, Wojcicki expressed excitement about TTAM’s mission, emphasizing the importance of making genomic information accessible to individuals.
23andMe gained fame for its at-home DNA testing kits, providing insights into family histories and genetic profiles. The company went public in 2021 through a merger with a special purpose acquisition company, achieving a peak valuation of around $6 billion. However, since then, it has struggled to generate consistent revenue and build sustainable research and therapeutics operations. The company was further marred by privacy issues, notably a data breach in 2023 that affected nearly seven million customers.
The acquisition by TTAM is still pending approval from the U.S. Bankruptcy Court for the Eastern District of Missouri. Wojcicki’s return marks a pivotal moment for the firm as it seeks to revive its original mission amidst ongoing challenges in the genetic testing landscape.
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