Anne Wojcicki, co-founder and former CEO of 23andMe, has regained control of the company following its bankruptcy by leading a successful bid through her nonprofit, TTAM Research Institute. On Friday, it was announced that TTAM would acquire most of 23andMe’s assets for $305 million, which includes its Personal Genome Service, Research Services, and telehealth subsidiary Lemonaid Health. This move follows Wojcicki’s resignation as CEO when 23andMe filed for Chapter 11 bankruptcy in March.
Previously, Regeneron Pharmaceuticals had emerged as the leading bidder, planning to purchase 23andMe’s assets for $256 million. However, Wojcicki’s TTAM submitted a higher bid, prompting the court to reopen the auction, ultimately leading to a successful bid. The name “TTAM” is derived from the letters of “23andMe.”
In her statement, Wojcicki expressed excitement about continuing 23andMe’s mission to make genomic information accessible and beneficial to the public. The company gained significant popularity with its at-home DNA testing kits, offering insights into genetics and family heritage. At its peak, 23andMe was valued at approximately $6 billion after going public in 2021 through a SPAC merger.
Despite its initial success, the company faced challenges in maintaining steady revenue and developing therapeutic businesses post-IPO. Additionally, privacy issues arose when hackers compromised data for nearly seven million customers in 2023. The acquisition by TTAM is pending approval from the U.S. Bankruptcy Court for the Eastern District of Missouri.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
