TTAM Commits to Comply with Company’s Privacy Policy and All Applicable Laws
TTAM Commits to Adopting Additional Consumer Protections and Privacy Safeguards to Enhance Protections for Customer Data and Privacy
No Changes to 23andMe’s Privacy Policy or Consumer Genome Services
Transaction Subject to Court Approval
SAN FRANCISCO, June 13, 2025 (GLOBE NEWSWIRE) — 23andMe Holding Co. (“23andMe” or the “Company”) (OTC: MEHCQ), a leading human genetics and biotechnology company, today announced that it has entered into a definitive agreement with TTAM Research Institute (“TTAM”), a nonprofit public benefit corporation based in California and led by 23andMe Co-Founder and former CEO Anne Wojcicki, for the sale of substantially all of the Company’s assets, including the Personal Genome Service (PGS) and Research Services business lines and the Lemonaid Health business, for a purchase price of $305 million.
The agreement with TTAM is the result of a final round of bidding that occurred earlier today between TTAM and Regeneron Pharmaceuticals, Inc. (“Regeneron”) (NASDAQ: REGN). The final round of bidding was conducted according to procedures approved by the U.S. Bankruptcy Court for the Eastern District of Missouri (the “Court”) and designed to allow the Special Committee of 23andMe’s Board of Directors to obtain, consistent with its fiduciary duties, the most value-maximizing transaction for the Company’s stakeholders. At the conclusion of the final round of bidding, TTAM was selected as the winning bidder and Regeneron was selected as the backup bidder.
The transaction is aligned with 23andMe’s Privacy Statements as TTAM has affirmed its commitment to comply with the Company’s privacy policies and applicable law, process all customer personal data in accordance with the consents, privacy policies and statements, terms of service, and notices currently in effect, and have security controls in place designed to protect such data.
In addition, TTAM has made binding commitments to adopt additional consumer protections and privacy safeguards to enhance protections for customer data and privacy, including:
- Customer Data Rights: TTAM will honor 23andMe’s existing policies that allow individuals to delete their account and genetic data and opt-out of research in perpetuity;
- Customer Notification: With 23andMe’s cooperation, all customers will be emailed at least two business days before closing with details on TTAM’s role, TTAM’s commitment to privacy choices, and instructions on how to delete data or opt out of research;
- Data Transfer Restrictions: TTAM will not sell or transfer genetic data in connection with a subsequent bankruptcy or change of control unless the recipient is a qualified domestic entity that adopts TTAM’s privacy policies and complies with all laws;
- Privacy Advisory Board: Within 90 days of the closing, TTAM will establish a Consumer Privacy Advisory Board;
- Privacy Procedures and Reporting: TTAM will implement privacy procedures, notify customers of material changes, mitigate data breaches, and prepare annual reports to be made available to Attorneys General upon request;
- Identity Theft Monitoring: TTAM will offer customers two years of free Experian identity theft monitoring; and
- Research and Donations: TTAM will continue 23andMe’s policy of allowing de-identified data to be used for scientific and biomedical research to research scholars at academic universities and other nonprofits and refuse donations from individuals or companies in specified countries.
Upon Court approval of the proposed transaction, the definitive agreement with TTAM will fully replace and nullify the previously announced acquisition and underlying asset purchase agreement with Regeneron to acquire 23andMe for $256 million.
“We are pleased that the competitive bidding process has resulted in significantly more value to our stakeholders while enhancing critical protections around customer privacy, choice and consent with respect to their genetic data,” said Mark Jensen, Chair of the Board and member of the Special Committee of the Board of Directors of 23andMe. “As 23andMe’s founder, Ms. Wojcicki is well positioned to advance the Company’s founding vision of helping people access, understand and gain health benefits through greater understanding of the human genome. We will work to complete the transaction quickly so that 23andMe can begin its next chapter as a nonprofit.”
“I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to help people access, understand and benefit from the human genome. We believe it is critical that individuals are empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish,” said Ms. Wojcicki. “The 23andMe community of consented individuals will also have the opportunity to be part of making novel genetic discoveries that improve our knowledge of DNA – the code of life – and the health and wellness of everyone. I remain committed to the 23andMe community and driving forward this mission. The future of healthcare belongs to all of us.”
The proposed transaction remains subject to approval by the Bankruptcy Court and customary closing conditions. A Court hearing to consider approval of the transaction is currently scheduled for June 17, 2025, and the transaction is expected to close in the coming weeks.
Additional information regarding 23andMe’s Chapter 11 filing, proceedings and claims process is available at https://restructuring.ra.kroll.com/23andMe. Questions about the claims process should be directed to the Company’s claims agent, Kroll, at 23andMeInfo@ra.kroll.com or by calling (888) 367-7556.
Source: 23andMe / https://investors.23andme.com/news-releases/news-release-details/23andme-reaches-agreement-sale-business-ttam-research-institute
