Latest news with #TTAM
Miami Herald
a day ago
- Business
- Miami Herald
Court approves sale of 23andMe to nonprofit led by co-founder Anne Wojcicki
23andMe, a distressed genetic testing company that filed for bankruptcy this year, has received another potential lifeline. A bankruptcy judge approved the sale of the company's assets and business operations to a nonprofit led by 23andMe's co-founder and former chief executive, Anne Wojcicki. The nonprofit, TTAM Research Institute, will pay $305 million as part of the deal that will probably close in the coming weeks. The South San Francisco company's financial turmoil sparked privacy concerns over what happens to the genetic data of its 13 million customers if it's sold. These worries prompted 1.9 million users to delete their accounts. Several states, including California, sued to block the sale of 23andMe's data without user consent, arguing that customers have an inherent right to their own genetic information. Unlike a password, a person's genetic data can't be changed if compromised. Judge Brian Walsh of the U.S. Bankruptcy Court in the Eastern District of Missouri, in St. Louis, said in an opinion filed Friday that "a company's sale of genetic data is a scary proposition, and reasonable people might conclude that it should not be permitted in any circumstances." But the proposed sale means that Wojcicki would repurchase a business that she helped start and led for years. And she "will improve privacy practices while honoring customers' rights to delete their accounts and data," the judge said. "Core to my beliefs is that individuals should be empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish," Wojcicki said in a statement. The entrepreneur has tried to pave the way forward for 23andMe several times in the past. Before 23andMe filed for bankruptcy, the company's special committee rejected Wojcicki's proposal to take the company private by acquiring all of the company's outstanding shares. The company's stock plunged before it filed for bankruptcy. Wojcicki stepped down from her role as chief executive but remained on 23andMe's board. Earlier, drugmaker Regeneron Pharmaceuticals was set to buy 23andMe. Then a bankruptcy judge reopened the bidding process to allow for a bid from TTAM, which offered a higher price. Weighing arguments from states opposed to the sale, Walsh noted that 23andMe's privacy statement says its users' personal information could be sold as part of a merger, acquisition or sale of the company's assets. Under the deal, TTAM would make employment offers to 23andMe workers and genetic data wouldn't be disclosed to new parties, according to the court filing. Once valued at $6 billion, 23andMe filed for Chapter 11 bankruptcy in March. Founded in 2006, the company sells DNA testing kits that people use to learn about their ancestry and health. The company struggled with recurring revenue growth because people just took the DNA test once. It also faced privacy concerns. In 2023, hackers obtained personal information of roughly 7 million customers. Some of the data accessed included ancestry trees, birth years and geographic locations, highlighting the risks that come with handing over data to private companies. In an email sent to customers after the sale was approved, 23andMe said that TTAM is committed to adhering to the company's privacy policy and that customers have the right to opt out of research or delete their accounts. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Los Angeles Times
a day ago
- Business
- Los Angeles Times
Court approves sale of 23andMe to nonprofit led by co-founder Anne Wojcicki
23andMe, a distressed genetic testing company that filed for bankruptcy this year, has received another potential lifeline. A bankruptcy judge approved the sale of the company's assets and business operations to a nonprofit led by 23andMe's co-founder and former chief executive, Anne Wojcicki. The nonprofit, TTAM Research Institute, will pay $305 million as part of the deal that will likely close in the coming weeks. The South San Francisco-based company's financial turmoil sparked privacy concerns over what happens to the genetic data of its 13 million customers if it's sold. These worries prompted 1.9 million users to delete their accounts. Several states, including California, sued to block the sale of 23andMe's data without user consent, arguing that customers have an inherent right to their own genetic information. Unlike a password, a person's genetic data can't be changed if compromised. Judge Brian Walsh, a judge for the U.S. Bankruptcy Court in the Eastern District of Missouri, in St. Louis, said in an opinion filed Friday that 'a company's sale of genetic data is a scary proposition, and reasonable people might conclude that it should not be permitted in any circumstances.' But the proposed sale means that Wojcicki would repurchase a business that she helped start and led for years. And she 'will improve privacy practices while honoring customers' rights to delete their accounts and data,' the judge said. 'Core to my beliefs is that individuals should be empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish,' Wojcicki said in a statement. The entrepreneur has tried to pave the way forward for 23andMe several times in the past. Before 23andMe filed for bankruptcy, the company's special committee rejected Wojcicki's proposal to take the company private by acquiring all of the company's outstanding shares. The company's stock plunged before it filed for bankruptcy. Wojcicki stepped down from her role as chief executive but remained on 23andMe's board. Earlier, drug maker Regeneron Pharmaceuticals was set to buy 23andMe. Then a bankruptcy judge reopened the bidding process to allow for a bid from TTAM, which offered a higher price. Weighing arguments from states opposed to the sale, Walsh noted that 23andMe's privacy statement says that their users' personal information could be sold as part of a merger, acquisition or sale of the company's assets. Under the deal, TTAM would make employment offers to 23andMe workers and genetic data wouldn't be disclosed to new parties, according to the court filing. Once valued at $6 billion, 23andMe filed for Chapter 11 bankruptcy in March. Founded in 2006, the company sells DNA testing kits that people use to learn about their ancestry and health. The company struggled with recurring revenue growth because people just took the DNA test once. It also faced privacy concerns. In 2023, hackers obtained personal information of roughly 7 million 23andMe customers. Some of the data accessed included ancestry trees, birth years and geographic locations, highlighting the risks that come with handing over data to private companies. In an email sent to customers after the sale was approved, 23andMe said that TTAM is committed to adhering to the company's privacy policy and customers have the right to opt out of research or delete their accounts.
Global News
a day ago
- Business
- Global News
Bid by 23andMe's former CEO to buy company given greenlight by court
Anne Wojcicki's bid to buy 23andMe, the genetic testing company she cofounded nearly 20 years ago, has received the court greenlight. That means Wojcicki's nonprofit TTAM Research Institute will purchase 'substantially all' of San Francisco-based 23andMe's assets for US$305 million. The transaction — which arrives more than three months after 23andMe filed for Chapter 11 bankruptcy — is set to officially close in the coming weeks. 'I am thrilled that TTAM will be able to build on the mission of 23andMe to help people access, understand and benefit from the human genome,' Wojcicki said in a statement Monday — later adding that, 'the future of health care belongs to all of us.' The sale, which was approved by U.S. Bankruptcy Judge Brian C. Walsh on Friday, marks the end of a monthslong bidding war between TTAM and Regeneron Pharmaceuticals — a biotech company that had previously agreed to buy most of 23andMe's assets for US$256 million in May. But Wojcicki's nonprofit later topped that offer, winning the final round of bidding held last month. Story continues below advertisement Under the deal, TTAM will acquire 23andMe's signature 'Personal Genome Service' provided through the company's saliva-based DNA testing kits — as well as research operations and its Lemonaid Health subsidiary, a telehealth services provider that 23andMe previously planned to wind down. Wojcicki had worked to take 23andMe private for some time. With the company struggling to find a profitable business model since going public in 2021, she's maintained that it would operate better outside market pressures. But that endeavor proved to be tumultuous — notably in September of last year, when all of 23andMe's independent directors resigned from its board citing a 'clear' difference of opinion with Wojcicki on the company's future following drawn-out negotiations. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Leading up to 23andMe's March bankruptcy filing, subsequent efforts from Wojcicki to acquire the company were unsuccessful. And when 23andMe filed for Chapter 11 in late March, Wojcicki resigned as CEO — noting at the time that she was stepping down to be 'in the best position' as an independent bidder. 1:19 23andMe lacked strong data protection allowing for breach: Canada's privacy head Now that Wojcicki's nonprofit will acquire 23andMe, it's unclear whether the co-founder will step back into the CEO seat. But despite stepping down from the top post months ago, Wojcicki has remained on the company's board throughout the bankruptcy process. Story continues below advertisement Beyond financial strains leading up to 23andMe's bankruptcy, privacy concerns related to customers' genetic information also emerged — dating back to even before the bankruptcy process with a 2023 data breach. But concern what new ownership could mean for 23andMe users' personal data has bubbled up in recent months. The genetic testing business had about 13 million customers at the time of its sale hearing, court documents note. In June, 27 states and the District of Columbia filed a lawsuit seeking to block the sale of personal genetic data by 23andMe without customer consent. And in a memorandum opinion outlining his approval 23andMe's sale to TTAM on Friday, Walsh acknowledged these states' objections to the acquisition — but that noted many had since been resolved. Still, California, Kentucky, Tennessee, Texas, and Utah 'remain actively opposed to the sale.' In a statement to Politico on Monday, California Attorney General Rob Bonta's office maintained that 23andMe's sale 'does not comply' with genetic privacy law in the state — and said it was 'disappointed' with the court's approval, adding that it was evaluating next steps. The Associated Press reached out to Bonta's office and 23andMe for further comments on Tuesday. When announcing its intended sale to Wojcicki's nonprofit last month, 23andMe confirmed that TTAM 'has affirmed its commitment' to comply with the company privacy policies and applicable law. That means TTAM will honor existing policies around consumer data, the company said, which includes allowing users to delete their data and 'opt out' of research. Story continues below advertisement All customers will be emailed at least two business days before the acquisition closes — with details on TTAM's privacy commitments and instructions on how to delete data or opt out of research, 23andMe said. The company added that TTAM will offer customers two years of Experian identity theft monitoring at no cost. 23andMe reiterated those privacy policies on Monday. And Wojcicki added that, 'Core to my beliefs is that individuals should be empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish.'
Winnipeg Free Press
a day ago
- Business
- Winnipeg Free Press
Anne Wojcicki's nonprofit gets court approval to buy 23andMe for $305 million
NEW YORK (AP) — Anne Wojcicki's bid to buy 23andMe, the genetic testing company she cofounded nearly 20 years ago, has received the court greenlight. That means Wojcicki's nonprofit TTAM Research Institute will purchase 'substantially all' of San Francisco-based 23andMe's assets for $305 million. The transaction — which arrives more than three months after 23andMe filed for Chapter 11 bankruptcy — is set to officially close in the coming weeks. 'I am thrilled that TTAM will be able to build on the mission of 23andMe to help people access, understand and benefit from the human genome,' Wojcicki said in a statement Monday — later adding that, 'the future of health care belongs to all of us.' The sale, which was approved by U.S. Bankruptcy Judge Brian C. Walsh on Friday, marks the end of a monthslong bidding war between TTAM and Regeneron Pharmaceuticals — a biotech company that had previously agreed to buy most of 23andMe's assets for $256 million in May. But Wojcicki's nonprofit later topped that offer, winning the final round of bidding held last month. Under the deal, TTAM will acquire 23andMe's signature 'Personal Genome Service' provided through the company's saliva-based DNA testing kits — as well as research operations and its Lemonaid Health subsidiary, a telehealth services provider that 23andMe previously planned to wind down. Wojcicki had worked to take 23andMe private for some time. With the company struggling to find a profitable business model since going public in 2021, she's maintained that it would operate better outside market pressures. But that endeavor proved to be tumultuous — notably in September of last year, when all of 23andMe's independent directors resigned from its board citing a 'clear' difference of opinion with Wojcicki on the company's future following drawn-out negotiations. Leading up to 23andMe's March bankruptcy filing, subsequent efforts from Wojcicki to acquire the company were unsuccessful. And when 23andMe filed for Chapter 11 in late March, Wojcicki resigned as CEO — noting at the time that she was stepping down to be 'in the best position' as an independent bidder. Now that Wojcicki's nonprofit will acquire 23andMe, it's unclear whether the co-founder will step back into the CEO seat. But despite stepping down from the top post months ago, Wojcicki has remained on the company's board throughout the bankruptcy process. Beyond financial strains leading up to 23andMe's bankruptcy, privacy concerns related to customers' genetic information also emerged — dating back to even before the bankruptcy process with a 2023 data breach. But concern what new ownership could mean for 23andMe users' personal data has bubbled up in recent months. The genetic testing business had about 13 million customers at the time of its sale hearing, court documents note. In June, 27 states and the District of Columbia filed a lawsuit seeking to block the sale of personal genetic data by 23andMe without customer consent. And in a memorandum opinion outlining his approval 23andMe's sale to TTAM on Friday, Walsh acknowledged these states' objections to the acquisition — but that noted many had since been resolved. Still, California, Kentucky, Tennessee, Texas, and Utah 'remain actively opposed to the sale.' Monday Mornings The latest local business news and a lookahead to the coming week. In a statement to Politico on Monday, California Attorney General Rob Bonta's office maintained that 23andMe's sale 'does not comply' with genetic privacy law in the state — and said it was 'disappointed' with the court's approval, adding that it was evaluating next steps. The Associated Press reached out to Bonta's office and 23andMe for further comments on Tuesday. When announcing its intended sale to Wojcicki's nonprofit last month, 23andMe confirmed that TTAM 'has affirmed its commitment' to comply with the company privacy policies and applicable law. That means TTAM will honor existing policies around consumer data, the company said, which includes allowing users to delete their data and 'opt out' of research. All customers will be emailed at least two business days before the acquisition closes — with details on TTAM's privacy commitments and instructions on how to delete data or opt out of research, 23andMe said. The company added that TTAM will offer customers two years of Experian identity theft monitoring at no cost. 23andMe reiterated those privacy policies on Monday. And Wojcicki added that, 'Core to my beliefs is that individuals should be empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish.'
The Hill
a day ago
- Business
- The Hill
Anne Wojcicki's nonprofit gets court approval to buy 23andMe for $305 million
NEW YORK (AP) — Anne Wojcicki's bid to buy 23andMe, the genetic testing company she cofounded nearly 20 years ago, has received the court greenlight. That means Wojcicki's nonprofit TTAM Research Institute will purchase 'substantially all' of San Francisco-based 23andMe's assets for $305 million. The transaction — which arrives more than three months after 23andMe filed for Chapter 11 bankruptcy — is set to officially close in the coming weeks. 'I am thrilled that TTAM will be able to build on the mission of 23andMe to help people access, understand and benefit from the human genome,' Wojcicki said in a statement Monday — later adding that, 'the future of health care belongs to all of us.' The sale, which was approved by U.S. Bankruptcy Judge Brian C. Walsh on Friday, marks the end of a monthslong bidding war between TTAM and Regeneron Pharmaceuticals — a biotech company that had previously agreed to buy most of 23andMe's assets for $256 million in May. But Wojcicki's nonprofit later topped that offer, winning the final round of bidding held last month. Under the deal, TTAM will acquire 23andMe's signature 'Personal Genome Service' provided through the company's saliva-based DNA testing kits — as well as research operations and its Lemonaid Health subsidiary, a telehealth services provider that 23andMe previously planned to wind down. Wojcicki had worked to take 23andMe private for some time. With the company struggling to find a profitable business model since going public in 2021, she's maintained that it would operate better outside market pressures. But that endeavor proved to be tumultuous — notably in September of last year, when all of 23andMe's independent directors resigned from its board citing a 'clear' difference of opinion with Wojcicki on the company's future following drawn-out negotiations. Leading up to 23andMe's March bankruptcy filing, subsequent efforts from Wojcicki to acquire the company were unsuccessful. And when 23andMe filed for Chapter 11 in late March, Wojcicki resigned as CEO — noting at the time that she was stepping down to be 'in the best position' as an independent bidder. Now that Wojcicki's nonprofit will acquire 23andMe, it's unclear whether the co-founder will step back into the CEO seat. But despite stepping down from the top post months ago, Wojcicki has remained on the company's board throughout the bankruptcy process. Beyond financial strains leading up to 23andMe's bankruptcy, privacy concerns related to customers' genetic information also emerged — dating back to even before the bankruptcy process with a 2023 data breach. But concern what new ownership could mean for 23andMe users' personal data has bubbled up in recent months. The genetic testing business had about 13 million customers at the time of its sale hearing, court documents note. In June, 27 states and the District of Columbia filed a lawsuit seeking to block the sale of personal genetic data by 23andMe without customer consent. And in a memorandum opinion outlining his approval 23andMe's sale to TTAM on Friday, Walsh acknowledged these states' objections to the acquisition — but that noted many had since been resolved. Still, California, Kentucky, Tennessee, Texas, and Utah 'remain actively opposed to the sale.' In a statement to Politico on Monday, California Attorney General Rob Bonta's office maintained that 23andMe's sale 'does not comply' with genetic privacy law in the state — and said it was 'disappointed' with the court's approval, adding that it was evaluating next steps. The Associated Press reached out to Bonta's office and 23andMe for further comments on Tuesday. When announcing its intended sale to Wojcicki's nonprofit last month, 23andMe confirmed that TTAM 'has affirmed its commitment' to comply with the company privacy policies and applicable law. That means TTAM will honor existing policies around consumer data, the company said, which includes allowing users to delete their data and 'opt out' of research. All customers will be emailed at least two business days before the acquisition closes — with details on TTAM's privacy commitments and instructions on how to delete data or opt out of research, 23andMe said. The company added that TTAM will offer customers two years of Experian identity theft monitoring at no cost. 23andMe reiterated those privacy policies on Monday. And Wojcicki added that, 'Core to my beliefs is that individuals should be empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish.'
