Genetic testing pioneer 23andMe, long troubled by financial and security setbacks, has reached an agreement to sell the company to TTAM Research Institute, a nonprofit organization helmed by co-founder and former CEO Anne Wojcicki.
This development comes three months after 23andMe entered bankruptcy proceedings, following extensive repercussions from a severe cyberattack in 2023 and subsequent lawsuit settlements. Wojcicki stepped down as CEO earlier in the bankruptcy process to pursue an independent bid for the acquisition.
Initially, biotechnology giant Regeneron had been poised to purchase 23andMe with a bid of $256 million. However, this month TTAM Research Institute reignited the bidding process by submitting an unsolicited offer. Regeneron subsequently declined to match the nonprofit’s higher offer of $305 million.
According to TTAM—which takes its name from an acronym mirroring “Twenty-Three And Me”—customers will receive notice of the acquisition at least two business days before the deal is finalized. Additionally, the nonprofit has committed to maintaining existing privacy protocols that allow customers to delete their data and opt out of research. TTAM also plans to form a Consumer Privacy Advisory Board within 90 days following the acquisition’s completion.
Voicing optimism about the agreement, Wojcicki has stated publicly her pleasure in continuing the mission begun at 23andMe. Her vision for TTAM Research Institute emphasizes individual empowerment and transparency with users’ genetic data, enabling them to retain full control over their personal genomic information and discoveries regarding ancestry and health.
Despite these assurances, the acquisition is still subject to approval by bankruptcy court authorities. Furthermore, the transaction faces notable legal challenges, including a recently-filed lawsuit from a coalition of 28 state attorneys general led by New York Attorney General Letitia James. The lawsuit contends that the sale of 23andMe constitutes an unlawful auctioning of personal genetic data without explicit user consent, which would jeopardize consumer privacy rights.
Additionally, a court-appointed privacy ombudsman has raised concerns regarding whether 23andMe’s current privacy policies explicitly authorize transfer of ownership involving genetic information databases.
There remains substantial uncertainty about whether the brand can regain consumer confidence in the wake of its recent difficulties. Interim CEO Joseph Selsavage earlier informed a U.S. House Oversight Committee that approximately 15% of 23andMe’s users have requested deletion of their data since the bankruptcy announcement.
