Regeneron to Acquire 23andMe and its Genetic Data for $256 Million

In a major move in the biotech and healthcare space, pharmaceutical giant Regeneron has announced plans to acquire genetic testing company 23andMe for $256 million. The deal comes after 23andMe filed for bankruptcy protection earlier this year following a major data breach that exposed the private and genetic data of 7 million customers.

As part of the acquisition, Regeneron will gain access to 23andMe's genomics service and its vast database of 15 million customers' personal and genetic information. Regeneron says it plans to leverage this trove of customer data to help drive its drug discovery efforts.

The bankruptcy court overseeing 23andMe's asset sale had raised concerns that the company's sensitive customer data could end up in the wrong hands. However, Regeneron has stated that it "intends to ensure compliance" with 23andMe's existing privacy policies and data protection laws as part of the deal.

23andMe's founder and CEO Anne Wojcicki resigned following the company's collapse, which was also attributed to waning consumer interest in its DNA testing kits. The bankruptcy filing and subsequent acquisition bring an end to one of the pioneers in the consumer genetics space.

For Regeneron, the deal represents a major opportunity to bolster its drug development capabilities by tapping into a massive dataset of genetic information. The pharmaceutical firm has said it will prioritize the "privacy, security, and ethical use" of 23andMe's customer data as part of the acquisition.

The bankruptcy court is set to consider Regeneron's $256 million bid for 23andMe on June 17. If approved, it will mark a significant turning point for the embattled genetic testing company and a strategic expansion for Regeneron into the lucrative world of personalized medicine.