Anne Wojcicki, co-founder and former CEO of 23andMe, has reclaimed control of the struggling genetic testing company through a newly established nonprofit entity called TTAM Research Institute. This move comes after TTAM successfully outbid pharmaceutical giant Regeneron Pharmaceuticals, securing a deal valued at $305 million.
The acquisition includes major business segments such as 23andMe’s Personal Genome Service, its Research Services operations, and telehealth subsidiary Lemonaid Health. Wojcicki had stepped down as CEO earlier this year when the company filed for Chapter 11 bankruptcy.
Wojcicki Outbids Regeneron to Reclaim 23andMe and Restore Original Vision
Regeneron initially appeared poised to acquire the bulk of 23andMe’s assets after winning a bankruptcy auction with a $256 million offer. However, Wojcicki, determined to retain the company’s original mission, submitted a higher $305 million bid through TTAM, a name derived from the initials of 23andMe.
Her bid prompted the reopening of the auction process, ultimately leading to her nonprofit’s victory. Wojcicki expressed excitement about preserving the company’s founding vision to make genomic information more accessible and beneficial for the public.
Anne Wojcicki Reclaims 23andMe in $305 Million Bid to Revive Company Through New Nonprofit23andMe became widely known for its consumer-friendly DNA testing kits, which allowed individuals to explore their ancestry and genetic traits from home. The company earned acclaim as a disruptor in the biotech space, making the CNBC Disruptor 50 list five times. In 2021, it went public through a SPAC merger, at one point reaching a valuation of nearly $6 billion. However, post-IPO, the company faced challenges in building sustainable revenue streams and expanding its research and therapeutic operations.
Privacy Breach and Revenue Struggles Led to 23andMe’s Bankruptcy and Eventual Takeover
Despite its early success, 23andMe was beset by significant operational and reputational issues. Chief among them were privacy concerns, especially following a major security breach in 2023 that compromised the data of nearly seven million customers. Additionally, the company struggled to diversify its income beyond one-time DNA kit sales, limiting its growth and investor confidence. These factors contributed heavily to its financial troubles and eventual bankruptcy filing.
While Wojcicki’s TTAM Research Institute has emerged as the leading bidder, the acquisition is still pending final approval from the U.S. Bankruptcy Court for the Eastern District of Missouri. If approved, TTAM will assume control of 23andMe’s core assets, potentially allowing Wojcicki to reinvigorate the brand and refocus on its original goals.
The move marks a significant turnaround for the embattled company and a personal victory for Wojcicki, who now has a second chance to steer the company she helped create.
