Anne Wojcicki is set to regain control of 23andMe after a nonprofit she controls topped Regeneron Pharmaceuticals’ bid for the DNA-testing company for $305 million as part of a bankruptcy auction.
Last month, Regeneron agreed to buy the firm for $256 million, topping a $146 million bid from Wojcicki and TTAM Research Institute.
“The agreement with non-profit TTAM Research Institute is the result of a final round of bidding that occurred earlier today between TTAM and Regeneron Pharmaceuticals,” the company said in a statement.
South San Francisco, Calif.-based 23andMe filed for bankruptcy in March, seeking to sell its business at auction after a decline in consumer demand and a 2023 data breach that exposed sensitive genetic and personal information of millions of customers.
23andMe, once a trailblazer in ancestry DNA testing, has also faced dwindling demand for its core services.