Regeneron To Buy 23andMe For $256M After Bankruptcy
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Regeneron Pharmaceuticals is acquiring the assets of 23andMe for $256 million, excluding its Lemonaid Health business, as the company faces layoffs and office closure due to financial struggles and a past cyberattack.
The fall of 23andMe raises privacy concerns as Regeneron buys its genetic database for $256M after bankruptcy.
Regeneron Pharmaceuticals said it would acquire 23andMe, which filed for bankruptcy in March and would continue to offer consumer DNA testing services.
Me, the genetic testing giant once valued in the billions, is now navigating Chapter 11 bankruptcy and notifying millions of current and former customers that they may be eligible to file claims as part of the restructuring process.
Oklahoma Attorney General Gentner Drummond issued a consumer alert for concerned 23andMe customers after the genetic testing company filed for bankruptcy protection last month.