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Regeneron Prescription drugs introduced on Monday that it’s going to purchase “substantially all” of genetic testing firm 23andMe’s belongings.
The pharmaceutical firm mentioned it gained the court-supervised public sale of the genetic testing firm, with Regeneron agreeing to pay $256 million for the belongings. 23andMe underwent the public sale as a part of the Chapter 11 chapter safety it filed in March to facilitate a sale of its enterprise.
In its chapter petition, the corporate had estimated a spread of $100 million to $500 million for its belongings. Estimated liabilities have been the identical.
Genetics testing firm 23andMe filed for Chapter 11 chapter safety in March. ( Justin Sullivan/Getty Photos / Getty Photos)
Regeneron mentioned the deal to buy 23andMe’s belongings will shut within the third quarter of 2025, offered it receives approval from the chapter court docket overseeing the genetic testing firm’s Chapter 11 chapter case. The deal shall be weighed by the court docket in mid-June.
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The pharmaceutical firm is shopping for 23andMe’s private genome service and its complete well being and analysis companies segments, based on 23andMe.
23andMe mentioned the deal “includes Regeneron’s commitment to comply with the Company’s privacy policies and applicable law, process all customer personal data in accordance with the consents, privacy policies, and statements, terms of service, and notices currently in effect and have security controls in place designed to protect such data.”
Ticker Safety Final Change Change % REGN REGENERON PHARMACEUTICALS INC. 588.63 -5.69
-0.96%
“Through our Regeneron Genetics Center, we have a proven track record of safeguarding personal genetic data, and we assure 23andMe customers that we will apply our high standards for safety and integrity to their data and ongoing consumer genetic services,” George Yancopoulos, co-chair of Regeneron’s board, mentioned in a press release.
Regeneron mentioned the deal to buy 23andMe’s belongings will shut in 2025’s third quarter. (Pavlo Gonchar/SOPA Photos/LightRocket through Getty Photos / Getty Photos)
“We believe we can help 23andMe deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron’s efforts to improve the health and wellness of many,” he added.
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A court-appointed client privateness ombudsman will present the court docket with a report on June 10 after reviewing Regeneron’s proposed buy of 23andMe and the “impact, if any, on consumers’ privacy,” 23andMe mentioned.
Regeneron needs to make 23andMe a “wholly owned or indirect” subsidiary of the corporate following the acquisition, with plans to take care of its private genomics service.
A court-appointed client privateness ombudsman will present the court docket with a report on June 10 after reviewing Regeneron’s proposed buy of 23andMe and the “impact, if any, on consumers’ privacy,” 23andMe mentioned. (Smith Assortment/Gado/Getty Photos / Getty Photos)
“We are pleased to have reached a transaction that maximizes the value of the business and enables the mission of 23andMe to live on, while maintaining critical protections around customer privacy, choice and consent with respect to their genetic data,” 23andMe’s Mark Jensen mentioned.
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23andMe additionally ran telehealth subsidiary Lemonaid Well being. That enterprise, which Regeneron is just not shopping for, shall be shuttered.
