23andMe founder aims to restart auction with major corporate backing

- 6/1/2025

</head><body><p>(Reuters) -The founder of 23andMe, Anne Wojcicki, has asked a U.S. judge to reopen an auction for the genetic testing company, saying she has the support of a Fortune 500 company with a current market capitalization of more than $400 billion. </p><p>Wojcicki did not name the Fortune 500 company in court filings.</p><p>South San Francisco, California-based 23andMe filed for bankruptcy in April, 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. </p><p>Last month, Regeneron Pharmaceuticals agreed to buy the firm for $256 million, topping a $146 million bid from Wojcicki and TTAM Research Institute, which was founded by Wojcicki and describes itself as a California non-profit public benefit corporation. </p><p>In a filing dated May 31, Wojcicki claimed that 23andMe's debtors had attempted to tilt the sales process away from TTAM and in favor of Regeneron. </p><p>TTAM and Wojcicki said in the filing that 23andMe’s financial and legal advisers unfairly capped their maximum bid at $250 million due to misplaced concerns about TTAM's "financial wherewithal". The plaintiffs said the auction was prematurely concluded before they had the opportunity to submit a bid that would have exceeded $280 million.</p><p>The company's debtors said the auction results came after an extensive and careful consideration by a four-member special committee of independent directors, according to the filing. </p><p>According to another filing, 23andMe is seeking court approval to let Wojcicki and Regeneron submit final proposals by June 12. 23andMe is also seeking a $10 million breakup fee for Regeneron if Wojcicki’s bid is ultimately accepted.</p><p>Lawyers for 23andMe's debtors, TTAM parties and Regeneron did not immediately respond to emails seeking comment.</p><p/><p> (Reporting by Urvi Dugar; Editing by Nia Williams)</p></body></html></p> <div id="news-wrapper"> <div class="thumbnail additional-resources client-content-image-box"> <div class="box-image" style="background-image: url(/images/home/news.jpg);"></div> <div class="caption"> <h3>Nationwide 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23andMe founder aims to restart auction with major corporate backing