Anne Wojcicki's nonprofit, TTAM Research Institute, is set to purchase 23andMe's assets for $305 million following approval from a bankruptcy court. This acquisition occurs after 23andMe filed for Chapter 11 bankruptcy and ends a bidding war with Regeneron Pharmaceuticals. Wojcicki expressed enthusiasm about helping people benefit from the human genome. TTAM will take over 23andMe's 'Personal Genome Service' alongside its telehealth subsidiary, Lemonaid Health, which was previously expected to shut down. Wojcicki believes that the company will thrive better as a private entity away from market pressures.
"I am thrilled that TTAM will be able to build on the mission of 23andMe to help people access, understand and benefit from the human genome," Wojcicki said in a statement.
The sale marks the end of a monthslong bidding war between TTAM and Regeneron Pharmaceuticals, with Wojcicki's nonprofit topping Regeneron's offer in the final round.
Under the deal, TTAM will acquire 23andMe's signature 'Personal Genome Service' and its Lemonaid Health subsidiary, which 23andMe previously planned to wind down.
Wojcicki has maintained that 23andMe would operate better outside market pressures, which was a key reason for her attempts to take the company private.
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