Genetic testing firm 23andMe rises after CEO considers taking firm private

Chrome Holding Co

18/04/2024 15:26

(Updates)
    ** Genetic testing firm 23andMe's  ME.O  shares rise 40.3%
to 50 cents
    ** Co says it has been made aware that CEO Anne Wojcicki is
considering making an offer to buy 23andMe in a potential
go-private transaction
    ** Says its special committee will carefully review
Wojcicki's proposal and evaluate it in light of other available
strategic alternatives, including continuing to operate as a
publicly traded company
   ** Wojcicki currently owns more than 20% of company's
outstanding shares 
    ** Last week, Wojcicki notified members of the board's
special committee that she would begin speaking to partners and
financing sources about a potential deal
    ** TD Cowen analyst Steven Mah says he sees the company
turning private from Wojcicki's proposal as the new most likely
outcome "which should be welcomed by investors"
    ** 23andMe went public in 2021 through a blank-check firm,
backed by Virgin Group founder Richard Branson, in a deal that
valued the merged entity at $3.5 bln
    ** As of last close, stock down 61% YTD

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com))