Genetic testing startup 23andMe, facing bankruptcy, has reached an agreement to sell its business and genetic data of 15 million users to Regeneron Pharmaceuticals for $256 million. This acquisition, expected to finalize in the third quarter, allows 23andMe to maintain daily operations as a subsidiary of Regeneron. Regeneron commits to upholding 23andMe's privacy policies, allowing users to delete their personal information. However, 23andMe's telehealth division, Lemonaid Health, will be discontinued, though about 300 jobs outside of this division will be retained.
Regeneron told 23andMe customers that it would adhere to 23andMe's privacy policy, which allows customers to request to delete their personal information.
Baras explained that the Regeneron Genetics Center has experience with genetic data, processing the genetic information of nearly three million people in research studies since it was founded in 2013.
The only part of 23andMe's business that the acquisition does not cover is its telehealth division, Lemonaid Health, which 23andMe plans to shut down.
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