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News 23andme acquired by Regeneron

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As you have probably heard, the DNA testing company 23andme has gone bankrupt. It was acquired a few days ago by the biotechnology company Regeneron Pharmaceuticals, Inc. Here is the announcement on 23andme's website.

This section may be of interest to people who have tested with the company.

“Regeneron is a science-driven, patient-focused biotechnology company that understands the power of genetic research to improve the lives of individuals, as well as the way society treats and prevents illness as a whole,” said George D. Yancopoulos, M.D. Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “When we opened our labs in New York State more than three decades ago, we bet our company’s future on the power of DNA, fueling our drug discovery efforts so as to deliver some of the world’s leading and most innovative medicines, including treatments to prevent blindness, for allergic diseases from asthma to atopic dermatitis, for several forms of cancer, and even for Ebola and COVID-19. Through our Regeneron Genetics Center, we have a proven track record of safeguarding personal genetic data, and we assure 23andMe customers that we will apply our high standards for safety and integrity to their data and ongoing consumer genetic services. We believe we can help 23andMe deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron’s efforts to improve the health and wellness of many.”
 
The deal with Regeneron is not final yet. It seems that another company could buy 23andMe instead.

23andMe seeks new bids after co-founder offers $305 million

"Bankrupt genetic testing company 23andMe is seeking new bids following a $305 million offer from co-founder Anne Wojcicki, who has secured backing from an unnamed Fortune 500 company with over $400 billion market cap, challenging Regeneron Pharmaceuticals' winning $256 million bid in a contentious bankruptcy auction process that has raised privacy concerns about the company's database of 15 million customers' genetic information.

In her latest effort to reclaim the company she co-founded, Anne Wojcicki has revealed that she has secured backing from an unnamed Fortune 500 company with a market capitalization exceeding $400 billion and $17 billion in cash reserves. This corporate giant has expressed a "bona fide interest" in participating exclusively with Wojcicki's nonprofit group, TTAM Research Institute, in a potential topping bid that would exceed Regeneron's $256 million offer.

Wojcicki claims the original auction process unfairly excluded her team, alleging that 23andMe's advisors capped TTAM's bid at $250 million due to concerns about its "financial wherewithal" despite TTAM being prepared to bid over $280 million.

While speculation about the identity of this Fortune 500 backer naturally points to previous investor Alphabet Inc., companies like Apple, Microsoft, and Oracle also fit the financial profile. The court has been asked to allow both Wojcicki and Regeneron to submit final proposals by June 12, with a proposed $10 million breakup fee for Regeneron if Wojcicki's bid ultimately prevails.
"
 
TTAM (Twenty Three And Me, so the cofounder, Anne E. Wojcicki) bought it.
 
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