Anne Wojcicki Challenges Regeneron’s Bid in 23andMe Acquisition Process
23andMe, the genetic testing company currently in bankruptcy proceedings, is reopening its asset auction after a new $305 million bid from co-founder Anne WojcickiDealroom has a profile for this one. Try Dealroom →. The offer is being made through her nonprofit group, TTAM Research Institute, and is backed by an unnamed Fortune 500 company valued at over $400 billion.
This bid competes with a previous $256 million offer from Regeneron PharmaceuticalsDealroom has a profile for this one. Try Dealroom →, which had initially been selected as the winning bidder. Regeneron’s proposal includes acquiring key 23andMe assets such as its genetic testing service, health platform, research operations, and a genetic database covering approximately 15 million customers.
Wojcicki argues that her team was unfairly limited in the earlier auction process, with its offer capped at $250 million due to questions about financial capacity. With new financial support, the court has now agreed to accept final bids from both parties by June 12. If Wojcicki’s offer is ultimately chosen, Regeneron would receive a $10 million break-up fee.
A final decision will depend on bankruptcy court approval. If approved, the deal is expected to close in the third quarter of 2025, pending regulatory review.
Source:
A.M.
