After announcing bankruptcy in March, 23andMe has struck an acquisition deal with Regeneron Pharmaceuticals.
According to the companies’ joint statement released today, Regeneron was “named the successful bidder in the bankruptcy auction for substantially all of the assets of 23andMe” and “intends to acquire 23andMe’s Personal Genome Service® (PGS), Total Health and Research Services business lines, together with its Biobank and associated assets, for $256 million.”
George D. Yancopoulos, co-Founder, President and Chief Scientific Officer of Regeneron told investors, “We believe we can help 23andMe deliver and build upon its mission to help those interested in learning about their own DNA and how to improve their personal health, while furthering Regeneron’s efforts to use large-scale genetics research to improve the way society treats and prevents illness overall.”
Joe Selsavage, Interim Chief Executive Officer of 23andMe, stated, “With the support of Regeneron and their deep experience in genetic sequencing, testing and discovery, we look forward to continuing to help people access and understand the human genome for the benefit of customers and patients.”
Regeneron has agreed to comply with 23andMe’s privacy policies and relevant laws following recent scrutiny concerning the company’s genetic data being sold without consent.
Regeneron stated that 23andMe will continue all consumer genome services uninterrupted as part of the agreement.
