ME News & Events

23andMe Holding received approval from the U.S. Bankruptcy Court for the Eastern District of Missouri for the sale of substantially all of the Company's assets and ongoing business operations to TTAM Research Institute, a nonprofit public benefit corporation based in California and led by 23andMe Co-Founder and former CEO Anne Wojcicki. The transaction is expected to close in the coming weeks, subject to customary closing conditions. Under the terms of the agreement, TTAM will acquire substantially all of the assets of 23andMe, including the Personal Genome Service and Research Services business lines and the Lemonaid Health business, for a purchase price of $305M.

Genetic testing company 23andMe (ME) is being sued by 27 states and Washington, DC to oppose the sale of DNA data from its customers without their direct consent, The New York Times' Rylee Kirk reports. The suit, filed on Monday in U.S. Bankruptcy Court in the Eastern District of Missouri, argues that 23andMe needs to have permission from each and every customer before their data is potentially sold and that the information for sale "comprises an unprecedented compilation of highly sensitive and immutable personal data of consumers." 23andMe filed for bankruptcy in March, and is poised to be acquired by Regeneron Pharmaceuticals (REGN) for $256M, the lawsuit notes.

23andMe (ME) will hold a second auction for its cache of DNA data with an opening bid of $305M from a group led by the company's former CEO, Anne Wojcicki, Bloomberg's Steven Church reports. The new auction is a compromise between Wojcicki, Regeneron (REGN), and 23andMe, with Wojcicki's group making the opening bid and Regeneron able to counter with an offer of at least $315M. The auction is part of 23andMe's bankruptcy proceedings, which began in March after the company failed to generate sustainable profits from its genetic testing services.

23andMe announced its intention to file a Form 25 Notification of Delisting with the Securities and Exchange Commission on or about June 6 which will remove its securities from listing and registration on Nasdaq. Nasdaq previously suspended the trading of 23andMe's Class A common stock at the opening of business on March 31 and notified the company that a Form 25 would be filed. However, as Nasdaq has not yet made the filing, the company is doing so voluntarily to permit it to file a Form 15 to deregister with the SEC. 23andMe previously announced on March 23 that the company and certain of its subsidiaries initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Missouri. Once the Nasdaq delisting on Form 25 becomes effective, 23andMe intends to file a Form 15 to deregister with the SEC.