Consumer genetics and health company 23andMe has agreed to sell substantially all of its assets for $305 million to TTAM Research Institute, a nonprofit led by its Co-Founder and former CEO Anne Wojcicki. The transaction, which includes the Personal Genome Service, Research Services, and Lemonaid Health business lines, follows a competitive bidding process with Regeneron Pharmaceuticals. TTAM’s winning offer replaces a previously announced $256 million agreement with Regeneron. The transaction is pending approval by the U.S. Bankruptcy Court for the Eastern District of Missouri and is expected to close in the coming weeks. Mark Jensen, Chair of 23andMe’s Board, stated, “We are pleased that the competitive bidding process has resulted in significantly more value to our stakeholders while enhancing critical protections around customer privacy, choice and consent with respect to their genetic data.”
TTAM has committed to strict data privacy terms, including honoring customer requests to delete data or opt out of research, prohibiting resale of genetic data in future changes of control, and offering two years of free identity theft monitoring. “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.” said Wojcicki. “The 23andMe community of consented individuals will also have the opportunity to be part of making novel genetic discoveries that improve our knowledge of DNA – the code of life – and the health and wellness of everyone.”
