Genetic testing company 23andMe, after facing challenges including a cyberattack and bankruptcy, has a deal to be acquired by Anne Wojcicki's nonprofit.
Wojcicki's nonprofit TTAM Research Institute made a $305 million bid that was accepted over Regeneron's $256 million offer.
The acquisition includes plans to notify customers, maintain privacy policies, and set up a Consumer Privacy Advisory Board.
Wojcicki expressed excitement about continuing 23andMe's mission to empower individuals with genetic information.
The acquisition is subject to bankruptcy court approval and facing legal obstacles, including objections from 28 state attorneys general.
The privacy policies of 23andMe and the consent for selling genetic data are under scrutiny.
There are concerns regarding consumer trust as interim CEO Joseph Selsavage revealed that 15% of customers requested data deletion post-bankruptcy.