The $305M 23andMe Acquisition That Changed Everything
Anne Wojcicki is back in the driver’s seat at 23andMe — the genetic testing company she co-founded — after her nonprofit outbid pharmaceutical giant Regeneron in a dramatic twist worthy of biotech soap opera status.
Wojcicki’s newly launched nonprofit, the TTAM Research Institute, swooped in with a surprise $305 million bid to acquire nearly all of 23andMe’s assets, including its flagship DNA test kits, research services, and telehealth arm, Lemonaid Health. That’s a cool $49 million more than Regeneron’s previously winning offer of $256 million. TTAM, fittingly, is an acronym drawn from the name “23andMe.”
This move marks a major comeback for Wojcicki, who had stepped down as CEO earlier this year when the company filed for Chapter 11 bankruptcy. Now, she’s poised to lead its next chapter — if the U.S. Bankruptcy Court for the Eastern District of Missouri signs off.
“I’m thrilled TTAM Research Institute can carry forward 23andMe’s mission to unlock the secrets of the human genome for everyday people,” Wojcicki said in a statement.
Once a Silicon Valley darling, 23and Me made waves with its at-home genetic testing kits and rode that wave all the way to a $6 billion valuation after going public in 2021. But post-IPO reality hit hard: weak recurring revenue, underwhelming research progress, and a massive data breach affecting nearly 7 million users sent the company spiraling.
Now, with Wojcicki back at the helm, the future of 23andMe is once again up for (genetic) testing.
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