23andMe confirms sale of business to TTAM Research Institute for $305M

23andMe Holding Co. announced that it has entered into a definitive agreement with TTAM Research Institute, a nonprofit public benefit corporation based in California and led by 23andMe Co-Founder and former CEO Anne Wojcicki, for the sale of substantially all of the company’s assets, including the Personal Genome Service and Research Services business lines and the Lemonaid Health business, for a purchase price of $305M. The agreement with TTAM is the result of a final round of bidding that occurred earlier today between TTAM and Regeneron Pharmaceuticals (REGN). The final round of bidding was conducted according to procedures approved by the U.S. Bankruptcy Court for the Eastern District of Missouri and designed to allow the Special Committee of 23andMe’s Board of Directors to obtain, consistent with its fiduciary duties, the most value-maximizing transaction for the Company’s stakeholders. At the conclusion of the final round of bidding, TTAM was selected as the winning bidder and Regeneron was selected as the backup bidder. The transaction is aligned with 23andMe’s Privacy Statements as TTAM has affirmed its 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. Upon Court approval of the proposed transaction, the definitive agreement with TTAM will fully replace and nullify the previously announced acquisition and underlying asset purchase agreement with Regeneron to acquire 23andMe for $256M. The proposed transaction remains subject to approval by the Bankruptcy Court and customary closing conditions. A Court hearing to consider approval of the transaction is currently scheduled for June 17, 2025, and the transaction is expected to close in the coming weeks.