Pharmaceutical maker Regeneron announced Monday it’ll purchase genetic testing firm 23andMe for $256 million following a chapter public sale.
Regeneron mentioned it’ll purchase 23andMe’s genomics service and its financial institution of 15 million prospects’ private and genetic information as a part of the deal. The pharma large mentioned it plans to make use of the 23andMe buyer information to assist drug discovery, and that it’ll “prioritize the privateness, safety, and moral use of 23andMe’s buyer information.”
23andMe filed for chapter safety in March after a knowledge breach uncovered the non-public and genetic information of seven million prospects all through 2023. The corporate’s inventory worth 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 property, sparking issues that the shops of buyer information might be bought to adversarial nations or unethical patrons.
Regeneron mentioned 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 information.
The chapter courtroom is about to think about Regeneron’s acquisition on June 17. Regeneron mentioned it is not going to purchase 23andMe’s Lemonaid Well being enterprise.