Genetics Testing Firm 23AndMe has filed for Chapter 11 Chapter Safety in america to start promoting its belongings. Along with the announcement, the corporate’s co-founder and CEO Anne Wojcicki stated individually that she is going to go away the corporate to change into an unbiased bidder for the corporate.
“After an intensive analysis of the strategic various, we have now decided that the court docket’s teacherized gross sales course of is the easiest way to maximise the worth of the enterprise,” stated Mark Jensen, chairman and member of the board’s particular committee, in an announcement.
“We hope that the court docket’s oversight course of will advance efforts to handle the operational and monetary challenges we face, together with additional price reductions and authorized and rental obligation decision. We consider within the worth of our folks and belongings, and we hope that this course of will assist folks entry, perceive and profit the human genome for the advantage of our clients and sufferers.
“The 23AndMe Particular Committee in the present day launched information displaying plans to take the corporate by means of the Chapter 11 course of. Whereas reaching this conclusion and being upset that the bid was rejected, I’m going to change into a bidder. I’ve resigned as the corporate’s CEO. In a put up of x.
23AndMe did one thing awkward a couple of years after it was launched in 2021. A glimpse of its genetic ancestors from clients greatest identified for its saliva-based testing kits, the corporate plummeted greater than 99% from its $6 billion peak after its market capitalization didn’t make a revenue.
Then in 2023, 23andMe suffered a large cyberattack wherein information from almost 7 million clients, together with consumer genetic predispositions and ancestor experiences, was stolen by hackers. In September 2024, the corporate settled the lawsuit. By paying $30 million, it’s linked to a knowledge breachand shortly after, Wojcicki stated she was exploring. Hold your organization non-public.
On the time of writing, the corporate had a market worth of roughly $48 million and inventory buying and selling was $1.79.
