Anne Wojcicki, the co-founder and former CEO of 23andMe, has reclaimed control of the troubled genetic testing company. Her new nonprofit, TTAM Research Institute, outmaneuvered Regeneron Pharmaceuticals in a competitive bid, as announced on Friday.
TTAM will purchase nearly all of 23andMe’s assets for $305 million, which includes the Personal Genome Service, Research Services, and the telehealth subsidiary Lemonaid Health. This is a significant achievement for Wojcicki, who stepped down as CEO when 23andMe sought Chapter 11 bankruptcy protection in March.
Previously, Regeneron declared its plans to buy the majority of 23andMe’s assets for $256 million, having emerged victorious in a bankruptcy auction. However, Wojcicki made a new $305 million bid via TTAM and advocated for the auction’s renewal. As reported by The Wall Street Journal, TTAM stands for the initials of 23andMe.
“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,” Wojcicki said in a statement.
23andMe gained popularity because of its at-home DNA testing kits that gave customers insight into their family histories and genetic profiles. The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company. At its peak, 23andMe was valued at around $6 billion.
The company struggled to generate recurring revenue and stand up viable research and therapeutics businesses after going public, and it has been plagued by privacy concerns since hackers accessed the information of nearly seven million customers in 2023.
TTAM’s acquisition is still subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri.
