- A nonprofit run by co-founder and former CEO Anne Wojcicki has agreed to buy a genetic testing company for $305 million. Wojcicki’s return is likely to lead to lawsuits. The nonprofit TTAM Institute said it will comply with 23AndMe’s privacy policy.
Genetic testing company 23andme’s rapid and sudden fall and attempts to rebirth the final change. The company’s co-founder and former CEO Anne Wojcicki runs a nonprofit organization run by Anne Wojcicki An agreement was reached To buy the company and offer a quote of $305 million.
The deal, announced late Friday, will allow Wojcicki to control all the company’s assets.
For a long time wojcicki She won’t regain control of the company she left in March. New York-based biotech company Regeneron Pharmaceuticals 23andMe is scheduled to buy for $256 million, but Wojcicki’s TTAM Research Institute stands out in the final round of bidding.
The sale of 23andme, once worth $6 billion, caused a shock Customer genetic data will occur It holds. About 15% of customers, About 1.9 million peoplesince 23AndMe filed for bankruptcy in March, it has requested its data to be deleted from its company’s servers. The company’s sale has also attracted interest from the House Oversight Committee, which fears where the data might appear.
TTAM said it will comply with 23AndMe’s “Privacy Policy and Applicable Laws” and made a “binding commitment” to create additional protection and privacy protection measures. These will include a private consumer advisory board.
23AndMe’s trouble is that it has caused some concerns about the company after a hacker attack on the company in 2023. For example, an online post provides sales data bragging, boasting that it has a large database of Ashkenazi Jews, including less than 1% of people with connections to that lineage.
Wojcicki, while still CEO, oversaw three rounds of layoffs and recommended changing the company from a supplier of ancestral data to a healthcare company that develops drugs and sells health reports to subscribe to health reports.
Wojcicki first proposed to buy the company in mid-2024. 23AndMe’s board of directors rejected her bid to privatize the company and later resigned from the assembly.
A group run by Wojcicki’s purchase of 23andMe may lead to lawsuits. Earlier this year, independent investors of 23AndMe Talk to it wealth It is incredible that Wojcicki is responsible for allowing 23andme’s valuation investment, where he can turn around and buy the company at a cheap price. “I don’t understand why there are no other bids,” the investor demanding his privacy told wealth.
This story was originally fortune.com
