According to a 23andMe press release, the bankrupt company's holding company reached an agreement with a nonprofit called TTAM for TTAM to buy the company. The sale is for "all of the Company’s assets, including the Personal Genome Service (PGS) and Research Services business lines and the Lemonaid Health business, for a purchase price of $305 million." Anne Wojcicki, former CEO of 23andMe, is also at the helm of TTAM. So, in a sense, a company much like the old one is buying its (your) data back.
The sale is not yet finalized, but is expected to receive final court approval on June 17, and close shortly afterward. Until it closes, Regeneron is considered the sale's backup bidder.
Regeneron will no longer be 23andMe’s new owner
Regeneron’s website stated that they “are shaping the next frontier of medicine with data-powered insights from the Regeneron Genetics Center® and pioneering genetic medicine platforms, enabling us to identify innovative targets and complementary approaches to potentially treat or cure diseases.”
Regeneron said they planned to “continue all consumer genome services uninterrupted,” rather than shut down the company. Lemonaid health, also owned by 23andMe, was not included in the planned sale. (It is included in the new sale to TTAM.)
What this means for your data and privacy
Regeneron had also said they will respect the company’s privacy policy (“and applicable laws”). The sale would have also included a court-appointed “consumer privacy ombudsman” whose job is to make sure that everyone’s data is treated appropriately. Regeneron had said that they’re ready to work with this ombudsman and will detail all their privacy-related plans.
Now that the data is going to a 23andMe-adjacent nonprofit, which is also making similar promises, I guess nothing much has changed. That said, Wojcicki was CEO when 23andMe had a massive data breach, which hardly inspires confidence.
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