STAT+: Regeneron to buy 23andMe out of bankruptcy for $256 million
Regeneron plans to buy 23andMe out of bankruptcy for $256 million, potentially bringing to a close the saga of the consumer genetics firm
Regeneron Pharmaceuticals said Monday it had entered into an agreement to buy the consumer genetics firm 23andMe out of bankruptcy for $256 million. The deal is subject to bankruptcy court and regulatory approvals.
The Tarrytown, N.Y.-based biotech said it would continue 23andMe’s consumer business and use the data the company has collected for drug development. It said it is prepared to detail its intended use of customer data, including privacy protections and security controls, for the review of a court-appointed, independent customer privacy ombudsman “and other interested parties.”
The deal would appear to bring to a close a dramatic series of events for 23andMe, which became a widely known consumer brand but suffered as a business. It could also ease concerns about the privacy of 23andMe’s customer data. With 23andMe entering bankruptcy in March, stoking uncertainty about the company’s future, many experts have been advising customers to download and then delete their data.
