Co-Founder Expected To Regain Control Of 23andMe After Winning Bankruptcy Auction

Reuters (6/13, Mahatole, Sunny) reported, “Anne Wojcicki is set to regain control of 23andMe after a $305 million bid from a nonprofit she controls topped Regeneron Pharmaceuticals’ offer for the DNA-testing company in a bankruptcy auction.” Regeneron agreed to purchase the company for $256 million last month, “topping a $146 million bid from Wojcicki and the non-profit TTAM Research Institute,” but the auction continued. Regeneron had “said it was willing to make a new bid, but wanted a $10 million breakup fee if Wojcicki’s bid is ultimately accepted.” TTAM said Friday that “it would uphold 23andMe’s existing privacy policies and comply with all applicable data protection laws.” The deal is “expected to close in the coming weeks after a court hearing currently scheduled for June 17.”