23andMe is set to continue offering its DNA testing services following its acquisition by Regeneron Pharmaceuticals for $256 million after a bankruptcy auction. This deal includes 23andMe's biobank of genetic samples and customer data, which Regeneron aims to use for advancing genetics research. Although customer data is anonymized, concerns remain over data retention post-acquisition. The acquisition is pending Bankruptcy Court approval and is designed to maximize the business's value while preserving privacy commitments to customers. Regeneron also aims to employ existing 23andMe employees to maintain its mission of leveraging genetic insights for health benefits.
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.
The acquisition is expected to close later this year, subject to US Bankruptcy Court approval. If all goes ahead, Regeneron co-founder George D. Yancopoulos says the purchase will further the company's "large-scale genetics research" into future drugs and treatments.
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