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 successfully outbid Regeneron Pharmaceuticals, acquiring 23andMe’s assets for $305 million. This deal includes 23andMe’s Personal Genome Service, Research Services, and telehealth subsidiary Lemonaid Health. Wojcicki’s return comes after she resigned as CEO when 23andMe filed for Chapter 11 bankruptcy in March.
Previously, Regeneron had announced plans to purchase most of 23andMe’s assets for $256 million, having won the initial bankruptcy auction. However, Wojcicki’s bid prompted her to urge a reopening of the auction process. TTAM stands for the first letters of 23andMe, as noted by The Wall Street Journal. Wojcicki expressed her excitement in continuing the mission of 23andMe: making the human genome accessible and understandable for individuals.
23andMe initially gained widespread acclaim for its at-home DNA testing kits that offered insights into users’ family histories and genetic predispositions. The company was also recognized as a five-time member of CNBC’s Disruptor 50 and went public in 2021 via a merger with a special purpose acquisition company, reaching a peak valuation of around $6 billion.
However, since going public, 23andMe has faced challenges, struggling to generate recurring revenue and develop viable research and therapeutics programs. Additionally, privacy concerns were heightened after a data breach affecting nearly seven million customers in 2023. TTAM’s acquisition still requires approval from the U.S. Bankruptcy Court for the Eastern District of Missouri.
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