June 16 - Regeneron Pharmaceuticals ( REGN ) has

declined to submit a new bid for genetic testing company 23andMe

exceeding its original winning bid of $256 million, a

company spokesperson told Reuters on Monday.

WHY IT'S IMPORTANT

Co-founder Anne Wojcicki is set to regain control of 23andMe

after a $305 million bid from a nonprofit she controls topped

Regeneron's offer for the DNA-testing company in a bankruptcy

auction.

Last month, Regeneron had agreed to buy the firm for $256

million, beating an earlier $146 million bid from Wojcicki and

the non-profit TTAM Research Institute.

KEY QUOTE

"We remain focused on using the power of genetics and data

to advance human health, and continue our global leadership in

genetics-based research and therapeutics through the work of the

Regeneron Genetics Center, Regeneron Genetic Medicines and

across our organization," the company spokesperson said in an

email.

CONTEXT

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.

Regeneron had said early this month that it was willing to

make a new bid after Wojcicki's, but wanted a $10 million

breakup fee if her bid is ultimately accepted.

WHAT'S NEXT

Wojcicki's bid is expected to close in the coming weeks

after a court hearing scheduled for June 17, the TTAM Research

Institute said on Friday.

TTAM said it would uphold 23andMe's existing privacy

policies and comply with all applicable data protection laws.