June 13 (Reuters) - Anne Wojcicki is set to regain
control of 23andMe after a $305 million bid from a nonprofit she
controls topped Regeneron Pharmaceuticals' ( REGN ) offer for
the DNA-testing company in a bankruptcy auction.
Last month, Regeneron agreed to buy the firm for $256
million, topping a $146 million bid from Wojcicki and the
non-profit TTAM Research Institute.
The deal is expected to close in the coming weeks after a
court hearing currently scheduled for June 17, the company said
on Friday.
Once a trailblazer in ancestry DNA testing, 23andMe filed
for bankruptcy in March, seeking to sell its business at auction
after a decline in demand and a 2023 data breach that exposed
sensitive genetic and personal information of millions of
customers.
TTAM said on Friday it would uphold 23andMe's existing
privacy policies and comply with all applicable data protection
laws.
Earlier this week, New York and more than two dozen other
U.S. states sued 23andMe to challenge the sale of its customers'
private information.
The U.S. Bankruptcy Court for the Eastern District of
Missouri oversaw the bidding process.
Regeneron had said it was willing to make a new bid, but
wanted a $10 million breakup fee if Wojcicki's bid is ultimately
accepted.