23andMe Co-Founder Anne Wojcicki Wins Back Company In $305M Deal, Beating Regeneron’s Bid

23andMe Holding said Tuesday that a U.S. bankruptcy court has approved the sale of “substantially all” its assets to TTAM Research Institute, a California-based nonprofit led by company co-founder and former CEO Anne Wojcicki. 

The $305 million transaction is expected to close in the coming weeks.

The deal, approved by the U.S. Bankruptcy Court for the Eastern District of Missouri, includes the company’s core Personal Genome Service, research services, and its telehealth subsidiary Lemonaid Health. 

TTAM will assume control of the company’s ongoing operations with plans to relaunch it as a nonprofit.

The court’s approval concludes a months-long sale process that began after 23andMe filed for Chapter 11 bankruptcy in March. 

At that time, the company secured initial court authorization for key motions, including wage payments, vendor compensation, and a $35 million debtor-in-possession financing deal with JMB Capital Partners. 

A formal sale process followed, led by Moelis & Co., which required any buyer to honor 23andMe’s existing consumer privacy policies.

In May, Regeneron Pharmaceuticals agreed to acquire most of 23andMe’s assets for $256 million. 

That bid excluded Lemonaid Health and was positioned to expand Regeneron’s capabilities in genetics-driven drug development. 

However, Wojcicki’s TTAM offer ultimately prevailed in the court-supervised auction.

TTAM has committed to upholding 23andMe’s customer privacy standards and stated that it will implement additional safeguards. 

Customers will receive advance notice ahead of the transaction’s close, with information on how to delete their data or opt out of research. 

Wojcicki, who resigned as CEO earlier this year to position herself as an independent bidder, said the nonprofit structure will better support 23andMe’s founding mission. 

“As a nonprofit, TTAM will be a champion of improving our knowledge of DNA – the code of life – for the public good,” she said. “Individuals should be empowered to have choice and transparency with respect to their genetic data.”

On Stocktwits, retail sentiment for 23andMe Holding was ‘bullish’ amid ‘low’ message volume.

Shares of Regeneron Pharmaceuticals ended up 1.9% on Tuesday. However, the stock declined 25.2% so far this year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.