Anne Wojcicki, the co-founder and former CEO of genetic testing pioneer 23andMe, has secured control of the company’s assets, including its valuable customer DNA data, through a $305 million acquisition bid. Her new nonprofit, the TTAM Research Institute, successfully outbid pharmaceutical giant Regeneron Pharmaceuticals in a competitive bankruptcy auction.
The announcement marks a pivotal moment for the embattled company, which filed for Chapter 11 bankruptcy protection in March 2025. Wojcicki had stepped down as CEO around the time of the filing but remained determined to guide 23andMe’s future.
The Winning Bid and What It Includes
The agreement, announced on Friday, will see TTAM acquire substantially all of 23andMe’s operational assets. This includes the widely recognized Personal Genome Service for at-home DNA testing, the Research Services business, and the telehealth subsidiary Lemonaid Health. Critically, the deal encompasses access to the genetic and phenotypic data contributed by millions of 23andMe users.
Wojcicki stated that the acquisition through TTAM, an acronym reportedly representing the first letters of 23andMe, is driven by a commitment to “continue the mission of 23andMe to help people access, understand and benefit from the human genome.”
Outbidding Regeneron in a Reopened Auction
This outcome follows a dramatic bidding process. Regeneron had initially emerged as the winning bidder in the first bankruptcy auction last month, offering $256 million for most of 23andMe’s assets. However, Wojcicki submitted a separate, higher $305 million offer via TTAM, prompting the court to reopen the auction for a final round specifically between TTAM and Regeneron. This process was designed to ensure the best possible outcome for 23andMe’s shareholders and stakeholders during the bankruptcy proceedings. Regeneron, though initially criticizing the reopening, indicated potential willingness to submit another offer and is reportedly seeking a $10 million breakup fee if TTAM’s bid is finalized.
23andMe’s Tumultuous Journey to Bankruptcy
Founded in Silicon Valley in 2006, 23andMe quickly gained prominence with its direct-to-consumer DNA test kits. Despite facing early regulatory challenges from the FDA regarding its health reports (which it later successfully navigated), the company saw significant growth, boosted by strategic price drops from an initial $999 to $99 per kit. It went public in 2021 via a SPAC merger, reaching a peak valuation of around $6 billion.
However, the company struggled to maintain momentum. Demand for DNA kits waned, and efforts to build viable research and therapeutics businesses faced challenges. The company was hit particularly hard by a major data breach in October 2023, which compromised the data of nearly seven million customers and led to a $30 million class action settlement in 2024. This, coupled with strategic disagreements among leadership, multiple rounds of layoffs, and overall financial strain, ultimately forced the Chapter 11 bankruptcy filing in March 2025.
The Future of Customer Data and Enhanced Privacy Commitments
For the millions of individuals who entrusted 23andMe with their genetic information, the sale of the company’s assets, including their data, has been a source of significant concern.
Under the new TTAM ownership structure, Anne Wojcicki has made explicit, binding commitments regarding data privacy and consumer protection. While Regeneron had pledged to process data according to existing policies, TTAM has promised to not only comply with current privacy policies and applicable laws but also to adopt additional safeguards. These include establishing a consumer privacy advisory board within 90 days of the deal’s closing, signaling a renewed focus on user trust under the nonprofit model.
What Happens Next?
The acquisition by the TTAM Research Institute is not yet finalized. The deal remains subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri. If the court signs off, the transaction is expected to close in the coming weeks, marking a new chapter for 23andMe under the leadership of its co-founder as a nonprofit entity.
