A nonprofit run by former CEO Anne Wojcicki wins bids to get 23andMe
- The nonprofit, run by 23andMe co-founder and former CEO Anne Wojcicki, has agreed to buy the genetic testing company for $305 million.. Wojcicki’s return could sue. The nonprofit TTAM Research Institute says it will comply with 23AndMe’s privacy policy.
The genetic testing company 23andMe attempted to quickly and suddenly fall and regenerate. It is owned by a nonprofit organization run by Anne Wojcicki, the company’s co-founder and former CEO An agreement has been reached Buy the company with a $305 million offer.
The deal will be announced late Friday and will confirm that Wojcicki will essentially manage all of its assets.
For a long time, it has appeared wojcicki She will not regain control of the company she left in March. A New York-based biotech company Regeneron Pharmaceuticals We were planning to buy 23andMe for $256 million, but in the final round of bids Wojcicki’s TTAM Research Institute came out from the top.
The sale of 23andMe, once valued at $6 billion, led to a wave of surprises about what It occurs with customer genetic data It was held. Approximately 15% of customers, Approximately 1.9 million peoplesince 23AndME filed for bankruptcy in March, they have requested that their data be removed from the company server. The company’s sale also attracted profits from the House Oversight Committee, which was concerned about where the data would be.
TTAM says it is complying with 23andMe’s “Privacy Policy and Applicable Laws” and is making a “binding commitment” to create additional protection and privacy safeguards. These include the Consumer Privacy Advisory Board.
23Andme troubles followed a company hack in 2023. For example, one online post providing data for sale boasts that it has a huge database of Ashkenazi Jews, including people with less than 1% of their ancestors.
While still CEO, Wojcicki oversaw three rounds of layoffs and proposed a plan to turn the company from an ancestor data supplier to a healthcare company that develops drugs and sells subscription health reports.
Wojcicki first offered to buy the company in mid-2024. The 23Andme board rejected her bid to make the company private and later quit a mass.
Purchase of 23andMe by a group run by Wojcicki could potentially sue. Earlier this year, 23andMe independent investors I spoke luck Wojcicki, who was responsible for allowing 23andme to be evaluated, expressed distrust that he could buy and buy the company at a low price. “I don’t understand why there are no other bids,” said the investor who asked to protect his privacy. luck.
This story was originally introduced Fortune.com