"Wojcicki has asked a U.S. judge to reopen an auction for 23andMe, claiming support from a major Fortune 500 company amid its bankruptcy proceedings."
"The bankruptcy filing followed a decline in consumer demand and a data breach, with Regeneron Pharmaceuticals initially agreeing to buy the firm at $256 million."
"TTAM and Wojcicki allege that the sales process was manipulated to favor Regeneron, claiming their own bid should have exceeded $280 million."
"23andMe aims to allow both Wojcicki and Regeneron to submit final proposals by June 12, while seeking a $10 million breakup fee."
Anne Wojcicki, founder of genetic testing company 23andMe, is seeking to reopen an auction following a bankruptcy filing due to declining demand and data breach concerns. Despite a $256 million acquisition offer from Regeneron Pharmaceuticals, Wojcicki claims the auction was conducted unfairly, limiting her bid capabilities. TTAM, a research institute she founded, accused 23andMe's debtors of favoring Regeneron while setting an improper bid cap. Wojcicki aims to present a stronger bid and is pushing for court approval to move forward effectively.
Read at Fast Company
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