23andMe Proposes Reopening Bankruptcy Auction Despite Already Accepting $256M Offer

The Washington Post (6/5, Gilbert, Dwoskin) reports 23andMe’s bankruptcy proceedings are in flux as the company seeks court approval to consider a new bid from its co-founder, Anne Wojcicki, and TTAM Research Institute. The company previously accepted a $256 million offer from Regeneron Pharmaceuticals. However, Wojcicki’s group claims “the bankruptcy auction was closed prematurely” and proposes a $305 million bid, potentially reopening the auction. 23andMe is proposing a compromise that would allow TTAM to “make a final bid and give Regeneron the opportunity to make a counteroffer. Should TTAM prevail, 23andMe would pay Regeneron a $10 million breakup fee.” While Regeneron “has said in court filings that it is being treated unfairly,” the company “said it would not object to the compromise proposed by 23andMe to entertain a final offer from Wojcicki’s group.” As of Tuesday, TTAM and Wojcicki “had opposed the compromise and wanted another round of open-ended bidding, not just final offers.”