<\/button><\/span><\/span><\/span>, the company announced<\/a> Friday.\u00a0<\/p>\nTTAM will acquire substantially all of 23andMe’s assets for $305 million, including its Personal Genome Service and Research Services business lines as well as telehealth subsidiary Lemonaid Health. It’s a big win for Wojcicki, who stepped down from her role as CEO when 23andMe\u00a0filed for Chapter 11<\/a>\u00a0bankruptcy protection in March.<\/p>\nLast month, Regeneron announced it would purchase most of 23andMe’s assets for $256 million after it came out on top during a bankruptcy auction. But Wojcicki submitted a separate $305 million bid through TTAM and pushed to reopen the auction. TTAM is an acronym for the first letters of 23andMe, according to The Wall Street Journal.<\/a><\/p>\n“I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to help people access, understand and benefit from the human genome,” Wojcicki said in a statement.<\/p>\n
23andMe gained popularity because of its at-home DNA testing kits that gave customers insight into their family histories and genetic profiles. The five-time\u00a0CNBC Disruptor 50<\/a>\u00a0company\u00a0went public<\/a>\u00a0in 2021 via a merger with a special purpose acquisition company. At its peak, 23andMe was valued at around $6 billion.<\/p>\nThe company struggled to generate recurring revenue and stand up viable research and therapeutics businesses after going public, and it has been plagued by privacy concerns since\u00a0hackers accessed the information<\/a>\u00a0of nearly seven million customers in 2023.<\/p>\nTTAM’s acquisition is still subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri.<\/p>\n<\/div>\n