Regeneron Pharmaceuticals has announced its plan to acquire 23andMe Holding for $256 million through a bankruptcy auction, following ongoing scrutiny of the companyâs handling of customers' genetic data. In response to concerns regarding data privacy during bankruptcy proceedings, 23andMe has agreed to allow for oversight of its data security practices. The agreement allows Regeneron to gain complete ownership of 23andMeâs operations, excluding its telehealth service, Lemonaid Health. The deal is expected to finalize in the third quarter of this year as 23andMe seeks to recover from decreased demand and a data breach in 2023.
Regeneron Pharmaceuticals will purchase genetic testing company 23andMe for $256 million, ensuring compliance with privacy regulations regarding customer data use.
The transaction includes the acquisition of 23andMe's assets, excluding Lemonaid Health, as the company navigates through bankruptcy amidst scrutiny over customer data.
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