Previously, Regeneron Pharmaceuticals, a New York-based biotech firm, was positioned to acquire 23andMe for $256 million. However, TTAM secured the deal after a final bidding round between TTAM and Regeneron, as stated in the release. Wojcicki had made an unsolicited bid earlier this month, according to The Wall Street Journal.

Known for its popular at-home genetic testing kits, 23andMe was once valued at approximately $6 billion, as reported by CNBC. Nevertheless, the company has struggled to achieve profitability and was affected by a significant data breach in 2023. To resolve a resulting lawsuit, the company paid $30 million last year. After filing for bankruptcy in March, Wojcicki stepped down from her role as CEO.

TTAM will comply with 23andMe’s “privacy policies and applicable law” and has made “binding commitments to adopt additional consumer protections and privacy safeguards,” including establishing a consumer privacy advisory board within 90 days of the close of the deal. The release says the transaction is still subject to court approval but is expected to close “in the coming weeks.”