Summary
The DNA testing company 23andMe is being bought by Regeneron Pharmaceuticals for $256 million after filing for bankruptcy protection. Regeneron will take over almost all of 23andMe's assets and plans to use the company's data for drug development, while ensuring customer data privacy.
Key Facts
- 23andMe will be acquired by Regeneron Pharmaceuticals for $256 million.
- The acquisition follows 23andMe's bankruptcy filing in the U.S.
- Regeneron promises to follow 23andMe's privacy policies and protect user data.
- 23andMe agreed to have an ombudsman (a person appointed to oversee certain issues) to ensure data protection.
- Regeneron will use 23andMe's data for developing new drugs.
- 23andMe experienced a major data breach in 2023, exposing user information.
- The company laid off about 200 employees, which is roughly 40% of its workforce.
- 23andMe's co-founder Anne Wojcicki attempted to keep the company private before agreeing to the acquisition.
