Anne Wojcicki, co-founder and former CEO of 23andMe, has regained control of the struggling company through her nonprofit, TTAM Research Institute. TTAM successfully outbid Regeneron Pharmaceuticals, acquiring nearly all of 23andMe’s assets for $305 million. These assets include the Personal Genome Service, Research Services, and the telehealth subsidiary Lemonaid Health. This victory comes after Wojcicki stepped down when 23andMe filed for Chapter 11 bankruptcy in March.
Regeneron initially planned to purchase most of 23andMe’s assets for $256 million via a bankruptcy auction. However, Wojcicki submitted a competing bid of $305 million and advocated for the auction to be reopened. The name TTAM stands for the first letters of 23andMe.
In her statement, Wojcicki expressed enthusiasm for continuing 23andMe’s mission, which focuses on helping individuals access and understand genomic information. Known for its at-home DNA testing kits, 23andMe became popular for providing insights into users’ ancestry and genetic profiles. The company, which was valued at approximately $6 billion at its peak, transitioned to public status in 2021 through a merger with a special purpose acquisition company.
Despite its initial success, 23andMe faced challenges generating sustainable revenue and developing effective research and therapeutics post-IPO. Additionally, it encountered privacy issues when hackers compromised the data of nearly seven million customers in 2023. TTAM’s acquisition is pending approval from the U.S. Bankruptcy Court for the Eastern District of Missouri.
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