The pharmaceutical manufacturer Regeneron announced on Monday that it would buy the 23andme genetic test company for $ 256 million following a bankruptcy auction.
Regeneron said he acquired the genomic service of 23andm and his bank of 15 million personal and genetic data from customers as part of the agreement. The pharmaceutical giant said that it was planning to use customer data 23andme to help discover drugs and that it will “prioritize the confidentiality, security and ethical use of 23andm customer data”.
23andme filed a bankruptcy file in March after a data violation exhibited the private and genetic data of 7 million customers throughout 2023. The company’s share price also dropped to zero in the midst of consumer interest in the company’s DNA test kits. The founder and chief executive officer of 23andme, Anne Wojcicki, resigned after the collapse of the company.
After his file, a Federal Court of bankruptcy was appointed to supervise the sale of assets of 23andm, arousing concerns according to which customer data reserves could be sold to opponent nations or to buyers contrary to ethics.
Regeneron declared in his declaration only as a buyer appointed during the bankruptcy auction, he “intended to guarantee compliance” to the confidentiality policies of 23andm concerning customer data.
The bankruptcy court should consider Regeneron’s acquisition on June 17. Regeneron said he would not acquire the 23andme Lemonaid health activities.
