The non-profit run by the co-founder of 23andme receives court approval to buy genetic testing company
To buy Anne Wojikki’s bid 23andme, the genetic testing company that she co-established about 20 years ago has received a court green light.
This means that Wojcick’s non-profit TTAM Research Institute will buy the 23andme-based assets in Francisco’s 23andme to “largely” for $ 305 million US (about $ 416 million CDN). Transactions -Deen – Which comes after more than three months of 23andme filed for challenges of 23andme – is ready to officially close in the coming weeks.
“I am thrilled that on the mission of TTAM 23andme, will be able to construct people to help, understand and benefit from human genomes,” Wojikki said in a statement on Monday. He later said, “We all belong to the future of health care.”
Sales, which American Insolvency Judge Brian C. It was approved by Walsh on Friday, marking the end of a one-month long bid between TTAM and Regenron Pharmaceuticals-a biotech company that had earlier agreed to buy most of the 23andme assets for $ 256 million in May. But Wojcick’s non-profit organization later topped the proposal, won in the final round of the bid held last month.
Under the deal, the TTAM company’s salivary-based DNA test kits, as well as research operations and its lemon health assistant, will acquire the 23And signature “individual genome service” provided through a telehland service provider, which 23andme planned to air the air earlier.
Wojcicki worked for some time to take 23andme private. With the company struggling to find a profitable business model since public in 2021, it has said that it will do better out of market pressure. But this attempt was especially proved, especially in September last year, when all independent directors of 23andme resigned from their board, which cited the “clear” difference with Wojcicki after the company’s future, saying they said that they followed the draw-out negotiations.
Attempts to acquire the company from Wojcicki later, leading to the 23andme’s march bankruptcy filing, remained unsuccessful. And when 23andme filed for chapter 11 at the end of March, Wojikki resigned as CEO – seeing that she was stepping down to being “the best position” as she was an independent bidder.
Now when Wojcick’s non-profit will acquire 23andme, it is not clear that the co-founder CEO will step back to the seat. But despite being removed from the top post months ago, the Vojicki remains on the company’s board during the bankruptcy process.
Beyond the financial strains leading to the bankruptcy of 23andme, the confidentiality related to the genetic information of the customers also emerged – dating back back even before the insolvency process, especially with 2023 data violations. But the matter of concern is what can mean new ownership for personal data of 23andme users, bubbling in recent months.
There were about 13 million customers at the time of their sales hearing in the genetic testing business, court documents note.
Around 15 million customers who used genetic testing company 23andme are being urged to take steps to remove their personal data and protect their privacy. Cyber security experts say that DNA data after the company filed by the company for bankrupt protection can be sold as part of restructuring or sales.
In June, 27 states and Columbia district filed a lawsuit, seeking to block the sales of individual genetic data by 23andme without customer consent. And in the opinion of a memorandum, underlining the sale of 23andme to TTAM on Friday, Walsh accepted the objections of these states for the acquisition – but it was noted that many times have been resolved. Nevertheless, California, Kentaki, Tennessy, Texas and Utah “actively oppose the sale.”
In a statement to Politico on Monday, the office of California’s Attorney General Rob Bonta said the 23andme sales “” “does not” comply with the genetic privacy law in the state ” – and said it was” disappointed “with the approval of the court, saying that it was evaluating the next stages.
The Associated Press reached Bonta’s office on Tuesday for further comments.
Last month, while announcing its sales to Wojcicki’s non-profit organization, 23andme confirmed that TTAM “has confirmed its commitment to follow the company’s confidentiality policies and the applied law”. This means that TTAM would respect the existing policies around consumer data, the company said that the company said, which includes users to remove their data and allow research.
All customers will email at least two commercial days from the closure of the acquisition – with details about TTAM’s confidentiality commitments and instructions to remove data or get out of research, 23andme said. The company said that TTAM would offer two -year Exercise identity theft to customers to monitor the theft, which monitor the theft without any cost.
23andme repeated those privacy policies on Monday. And Wojcicki said: “The core for my beliefs is that individuals should be empowered to option and transparency in relation to their genetic data and give an opportunity to learn about their offspring and health risks as they want.”
