Anne Wojcicki, co-founder and former CEO of 23andMe, has regained control of the genetic testing company through her new nonprofit, TTAM Research Institute. TTAM has successfully outbid Regeneron Pharmaceuticals, acquiring most of 23andMe’s assets for $305 million. This includes the Personal Genome Service, Research Services, and the telehealth subsidiary, Lemonaid Health. Wojcicki, who resigned as CEO after the company filed for Chapter 11 bankruptcy in March, aims to continue 23andMe’s mission of helping individuals access and understand their genetic information.
Previously, Regeneron had planned to purchase these assets for $256 million after winning a bankruptcy auction. However, Wojcicki’s new bid prompted a reopening of the auction process. The acronym TTAM reflects the initial letters of 23andMe. Wojcicki expressed her enthusiasm in a statement, emphasizing the importance of 23andMe’s mission.
23andMe gained widespread attention through its at-home DNA testing kits, providing customers insight into their ancestry and genetic makeup. Once valued at approximately $6 billion, it went public in 2021 via a SPAC merger. However, the company struggled post-IPO to generate sustainable revenue and develop viable research and therapeutics initiatives. Additionally, it faced significant privacy issues following a 2023 breach that exposed the data of nearly seven million customers.
The acquisition by TTAM is pending approval from the U.S. Bankruptcy Court for the Eastern District of Missouri, with hopes that Wojcicki can steer the company back on course following its turbulent recent history.
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