10:28 AM EDT, 06/17/2025 (MT Newswires) -- (Updates with Regeneron's response in the first and second paragraphs.)

Regeneron Pharmaceuticals ( REGN ) confirmed to MT Newswires Tuesday that it has decided not to raise its $256 million bid for 23andMe.

"We remain focused on using the power of genetics and data to advance human health, and we 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 said in an emailed statement.

Regeneron's decision paved the way for co-founder Anne Wojcicki's TTAM Research Institute to regain control of the genetic testing firm through a $305 million offer, Reuters reported on Monday, citing a company spokesperson.

Regeneron previously outbid Wojcicki's earlier $146 million proposal. The company spokesperson said the company will continue genetics-driven research through its platforms.

Regeneron shares were down over 1% in premarket activity Tuesday.

Price: 520.63, Change: -2.05, Percent Change: -0.39