23andMe has agreed to be acquired by Regeneron Pharmaceuticals for $256 million, following its bankruptcy filing. Regeneron will respect 23andMe's privacy policies and has regulatory controls in place to protect user data. The acquisition comes amid concerns from state attorneys general regarding data protection. 23andMe will function as a wholly-owned subsidiary of Regeneron, which plans to use its genetic data for drug development. Initially valued at $6 billion post-IPO in 2021, 23andMe struggled commercially, leading to the acquisition after a failed subscription service and stagnated demand for its testing kits.
23andMe's acquisition by Regeneron Pharmaceuticals for $256 million ensures the continuity of its mission while safeguarding customer privacy and data protection.
Regeneron has committed to keeping 23andMe's privacy policies intact, and will employ existing security controls to protect user data amid growing concerns.
The decision to have an ombudsman oversee user data protection was made after pressure from U.S. state attorneys general worried about data misuse.
23andMe's journey from a public valuation of $6 billion to bankruptcy illustrates the challenges of adapting its business model to market demands.
Collection
[
|
...
]