Anne Wojcicki Takes Back Control of 23andMe

Last-minute twist. TTAM Research Institute has entered into an agreement to acquire all of 23andMe 's assets. The institute was founded by Anne Wojcicki , so the company known for its low-cost DNA testing is back in the hands of the former CEO. The transaction will have to be approved by the bankruptcy court.

Acquisition with commitments

23andMe filed for voluntary bankruptcy under the famous Chapter 11 of the United States Bankruptcy Code on March 23 (not a bankruptcy, but a corporate reorganization through sale). At the same time, founder Anne Wojcicki (ex-wife of Sergey Brin) resigned as CEO to file an independent bid.

The company's assets were put up for auction and on May 19, the offer of 256 million euros from Regeneron Pharmaceuticals was accepted .

The auction was reopened earlier this month, and this time the winner was TTAM Research Institute with a bid of $305 million. TTAM stands for Twenty Three And Me, which is the literal pronunciation of 23AndMe. Anne Wojcicki , the founder of the institute, thus regains control of her company. The approval hearing is scheduled for June 17.

TTAM has promised to uphold several commitments, including adhering to a policy that allows users to delete accounts and genetic data . A Consumer Privacy Advisory Board will be established within 90 days of the closing of the transaction. TTAM will not sell or transfer genetic data in the event of a new bankruptcy. It will also implement privacy procedures, notify customers of material changes, mitigate any data breaches, and prepare annual reports that will be made available to attorneys general upon request.