Regeneron Pharmaceuticals has announced its intent to purchase 23andMe Holding for $256 million during the company's bankruptcy auction. Compliance with privacy policies is a key focus, especially regarding handling customer data, which has faced scrutiny amid concerns of misuse. The companies plan to finalize the acquisition by the third quarter of the year. 23andMe will remain operational under Regeneron's management, although its telehealth service, Lemonaid Health, will be discontinued. The firm, which has gathered genetic data from 15 million users, has faced challenges including a recent data breach and declining demand for its ancestry kits.
Regeneron Pharmaceuticals is acquiring 23andMe Holding for $256 million through a bankruptcy auction while ensuring compliance with privacy policies regarding customer data.
The bankruptcy auction has raised concerns among lawmakers about the potential sale of customer genetic data to less ethical entities.
23andMe will continue operations as a wholly owned unit of Regeneron, excluding its telehealth service, Lemonaid Health, which is set to be wound down.
23andMe, previously facing weak demand and a significant data breach, had gathered genetic data from 15 million customers.
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