Newscasts - Regeneron agrees to buy bankrupt 23andMe

Chrome Holding Co

19/05/2025 19:07

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Source: 'Reuters - Business videos'

Description: Regeneron Pharmaceuticals said on Monday it will buy genetic testing firm 23andMe Holding for $256 million through a bankruptcy auction, and promised to prioritize the ethical use of customers' DNA data. Alex Cohen has more.

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Video Transcript:

Regeneron Pharmaceuticals said on Monday it will buy genetic testing firm 23andMe Holding for $256 million through a bankruptcy. It also promised to prioritize the ethical use of customers' DNA data, a response to concerns over privacy after 23andMe's Chapter 11 filing. Regeneron aims to bolster its capabilities in genomics-driven drug discovery by integrating 23andMe's trove of over 15 million customer DNA profiles, collected via its popular direct-to-consumer saliva testing kits. The genomics firm, which was a trailblazer in ancestry DNA testing faced dwindling demand for its core services and reputational damage from a 2023 data breach that exposed sensitive genetic and personal information of millions of users. The hack and subsequent bankruptcy filing has drawn scrutiny from lawmakers who warned that millions of customers' genetic data could be sold to unscrupulous buyers. Regeneron on Monday said it will uphold 23andMe's existing privacy policies and comply with all applicable data protection laws. One analyst told Reuters the investments in genomics make good strategic sense for Regeneron but might take a decade or more to see a return. The court is scheduled to consider approval of the transaction on June 17.