23andMe, the genetic testing company, has been bought by a nonprofit organization led by Anne Wojcicki.
💡 Insight: Following a turbulent financial period, 23andMe, once valued at $6 billion, was acquired in a contentious bid process. Anne Wojcicki's nonprofit, TTAM Research Institute, outbid Regeneron Pharmaceuticals by $49 million in the final round, assuring customer data privacy and adopting additional safeguards. The acquisition is pending court approval, with TTAM remaining committed to upholding 23andMe's existing data privacy policies.
After a rough patch, 23andMe, once sporting a staggering $6 billion valuation, found itself in the middle of a competitive bidding war. Anne Wojcicki's nonprofit, TTAM Research Institute, managed to outbid Regeneron Pharmaceuticals in a nail-biting final round, splashing out an extra $49 million to secure the deal. The purchase is yet to receive the green light from the courts, but TTAM has promised to stand by 23andMe's data privacy policies and fortify consumer protection for customers' sensitive information.
In March, 23andMe, the DNA testing giant, filed for Chapter 11 bankruptcy. The news spurred unease among customers, worried that their genetic data would be sold to a third party. In response, twenty-seven states and Washington D.C. filed a lawsuit in an attempt to prevent the sale of genetic data without explicit customer consent.
TTAM's acquisition raises eyebrows amidst ongoing legal challenges regarding the protection of genetic data and customer consent. In a show of commitment, TTAM has offered assurances that customer privacy will remain a top priority.
Here's what the acquisition means for you, 23andMe customer:
- TTAM will honor existing privacy policies and data rights, including deleting accounts and allowing customers to opt out of research.
- You'll still have the opportunity to learn about your ancestry and health risks, thanks to TTAM's commitment to continuing 23andMe's original mission.
- Moreover, TTAM will adopt additional consumer protections and safeguards for your data, ensuring your peace of mind.
So, there you have it. 23andMe, once a shining star in the DNA testing industry, is now poised for a fresh start under TTAM Research Institute. Wojcicki herself seems excited about the acquisition, expressing her eagerness to help individuals access, understand, and benefit from the human genome. The deal is looking positively promising, pending court approval. We'll keep you in the loop as things develop! 🤞🌟
Despite the previous financial troubles, 23andMe's acquisition by TTAM Research Institute, a move bolstered by a $49 million edge over Regeneron Pharmaceuticals, marks a step forward in the world of business and finance, particularly in the technology sector. The acquisition promises to prioritize consumer data privacy, with TTAM committing to uphold 23andMe's existing data privacy policies and implementing additional safeguards.
