Pharmaceutical maker Regeneron introduced Monday it can purchase genetic testing firm 23andMe for $256 million following a chapter public sale.
Regeneron stated it can purchase 23andMe’s genomics service and its financial institution of 15 million clients’ private and genetic knowledge as a part of the deal. The pharma large stated it plans to make use of the 23andMe buyer knowledge to assist drug discovery, and that it’s going to “prioritize the privateness, security, and moral use of 23andMe’s buyer knowledge.”
23andMe filed for chapter safety in March after a data breach uncovered the non-public and genetic knowledge of seven million clients all through 2023. The corporate’s inventory value additionally plummeted to near-zero amid waning client curiosity within the firm’s DNA testing kits. 23andMe’s founder and chief govt Anne Wojcicki resigned from the corporate following the corporate’s collapse.
After its submitting, a federal chapter courtroom was appointed to supervise the sale of 23andMe’s belongings, sparking considerations that the shops of buyer knowledge might be offered to adversarial nations or unethical patrons.
Regeneron stated in its assertion that because the named purchaser within the chapter public sale, it “intends to make sure compliance” with 23andMe’s privateness insurance policies and legal guidelines relating to buyer knowledge.
The chapter courtroom is ready to think about Regeneron’s acquisition on June 17. Regeneron stated it is not going to purchase 23andMe’s Lemonaid Well being enterprise.
