The sale process for bankrupt DNA data bank 23andMe has encountered multiple delays as the company seeks a lead bidder that can address regulatory approvals and ensure customer privacy. Trying to secure a binding opening bid for a court-supervised auction, the deadline has already been pushed back twice. Concerns regarding the handling of sensitive genetic data and the potential buyers have raised anxieties among customers and bankruptcy officials. With a past valuation of $3.5 billion, 23andMe needs to attract buyers before unlocking additional funding to move forward in its Chapter 11 proceedings.
The former Silicon Valley startup co-founded by Anne Wojcicki has been negotiating with potential buyers trying to land a binding, opening offer that would be used as a floor for a court-supervised auction.
The company has warned buyers from the beginning of the case that it would not accept bids from firms with ties to certain countries.
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