Regeneron declines to make higher bid for 23andMe after Wojcicki’s $305 million offer

-Regeneron Pharmaceuticals has declined to submit a new bid for genetic testing company 23andMe exceeding its original winning bid of $256 million, a company spokesperson told Reuters on Monday.

WHY IT’S IMPORTANT

Co-founder Anne Wojcicki is set to regain control of 23andMe after a $305 million bid from a nonprofit she controls topped Regeneron’s offer for the DNA-testing company in a bankruptcy auction.

Last month, Regeneron had agreed to buy the firm for $256 million, beating an earlier $146 million bid from Wojcicki and the non-profit TTAM Research Institute.

KEY QUOTE

“We remain focused on using the power of genetics and data to advance human health, and continue our global leadership in genetics-based research and therapeutics through the work of the Regeneron Genetics Center, Regeneron Genetic Medicines and across our organization,” the company spokesperson said in an email.

CONTEXT

Once a trailblazer in ancestry DNA testing, 23andMe filed for bankruptcy in March, seeking to sell its business at auction after a decline in demand and a 2023 data breach that exposed sensitive genetic and personal information of millions of customers.

Regeneron had said early this month that it was willing to make a new bid after Wojcicki’s, but wanted a $10 million breakup fee if her bid is ultimately accepted.

WHAT’S NEXT

Wojcicki’s bid is expected to close in the coming weeks after a court hearing scheduled for June 17, the TTAM Research Institute said on Friday.

TTAM said it would uphold 23andMe’s existing privacy policies and comply with all applicable data protection laws.

(Reporting by Siddhi Mahatole in Bengaluru; Editing by Sahal Muhammed)