Bankrupt genetic testing company 23andMe is Peter Baumgartnerlooking to sell its assets — most notably its customers' DNA data — for more than $300 million.
The company told a bankruptcy judge this week that it wanted to re-open bidding for its assets after co-founder and ex-CEO Anne Wojcicki put forth a $305 million bid, Reuters reported. The company last month agreed to sell most of its data to Regeneron Pharmaceuticals for $256 million. Now, 23andMe is looking to back away from that deal. Regeneron's lawyer called the "do-over" unfair but indicated the company was willing make another offer, according to Reuters. Regeneron did request a $10 million breakup fee if the new Wojcicki-led bid is ultimately accepted.
"The auction was over, the rules were clear," Regeneron's lawyer Emil Kleinhaus told the judge, via Reuters.
It is, of course, a bit unsettling for 23andMe customers to see their DNA info up for sale. Regeneron promised in a press release at the time of the initial agreement that it would "process all customer personal data in accordance with the consents, privacy policies and statements, terms of service, and notices currently in effect."
Still, it's been a rough time for 23andMe and its users over the past few years. The company had a major data breach, saw its valuation plummet, and is now ultimately bankrupted and up for sale.
Topics Privacy
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