Regeneron Pharmaceuticals to buy bankrupt 23andMe in $256M deal

Regeneron Pharmaceuticals announced on Monday that it will acquire "substantially all" of genetic testing company 23andMe's assets.The pharmaceutical company said it won the court-supervised auction of the genetic testing company, with Regeneron agreeing to pay $256 million for the assets. 23andMe underwent the auction as part of the Chapter 11 bankruptcy protection it filed in March to facilitate a sale of its business.In its bankruptcy petition, the company had estimated a range of $100 million to $500 million for its assets. Estimated liabilities were the same. Regeneron said the deal to purchase 23andMe's assets will close in the third quarter of 2025, provided it receives approval from the bankruptcy court overseeing the genetic testing company’s Chapter 11 bankruptcy case. The deal will be weighed by the court in mid-June.23ANDME FILES FOR BANKRUPTCY AS CALIFORNIA AG URGES CUSTOMERS TO DELETE DATAThe pharmaceutical company is buying 23andMe’s personal genome service and its total health and research services segments, according to 23andMe. 23andMe said the deal "includes Regeneron’s commitment to comply with the Company’s privacy policies and applicable law, process all customer personal data in accordance with the consents, privacy policies, and statements, terms of service, and notices currently in effect and have security controls in place designed to protect such data." "Through our Regeneron Genetics Center, we have a proven track record of safeguarding personal genetic data, and we assure 23andMe customers that we will apply our high standards for safety and integrity to their data and ongoing consumer genetic services," George Yancopoulos, co-chair of Regeneron's board, said in a statement. "We believe we can help 23andMe deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron’s efforts to improve the health and wellness of many," he added. 23ANDME BANKRUPTCY: WILL YOUR PRIVATE DATA BE PROTECTED? A court-appointed consumer privacy ombudsman will provide the court with a report on June 10 after reviewing Regeneron’s proposed purchase of 23andMe and the "impact, if any, on consumers’ privacy," 23andMe said. Regeneron wants to make 23andMe a "wholly owned or indirect" subsidiary of the company following the purchase, with plans to maintain its personal genomics service."We are pleased to have reached a transaction that maximizes the value of the business and enables the mission of 23andMe to live on, while maintaining critical protections around customer privacy, choice and consent with respect to their genetic data," 23andMe’s Mark Jensen said. 23ANDME AGREES TO PAY $30M TO SETTLE LAWSUIT OVER 2023 DATA BREACH23andMe also ran telehealth subsidiary Lemonaid Health. That business, which Regeneron is not buying, will be shuttered.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business