-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.