Tarrytown-based Regeneron Pharmaceuticals, Inc. has been named the successful bidder in the bankruptcy auction for substantially all of the assets of the human genetics and biotechnology company 23andMe Holding Co. Regeneron intends to acquire 23andMe’s Personal Genome Service, Total Health and Research Services business lines, together with its Biobank and associated assets. Regeneron said it expects the transaction to close in the third quarter of this year.
The definitive agreement follows the auction’s completion on May 16, as part of the company’s court-supervised sale process and ongoing Chapter 11 proceedings. The proposed transaction remains subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri, approval under the Hart-Scott-Rodino Act and certain closing conditions. A court hearing to consider approval of the transaction is scheduled for June 17.
Aris Baras, senior vice president and head of the Regeneron Genetics Center described 23andMe as a pioneer in consumer genetics and research.
“Since 2013, the Regeneron Genetics Center has sequenced the genetic information of nearly three million people in research studies, using this deidentified data to make meaningful discoveries at speed and scale,” Baras said. “We share 23andMe’s founding vision of the power of genetics and data and the health benefits to individuals and society in understanding the human genome. We believe we are uniquely suited to be responsible and effective stewards of 23andMe’s future.”
George D. Yancopoulos, co-founder, board co-chair, president and chief scientific officer of Regeneron said, “We have deep experience with large-scale data management. We believe we can help 23andMe deliver and build upon its mission to help those interested in learning about their own DNA and how to improve their personal health, while furthering Regeneron’s efforts to use large-scale genetics research to improve the way society treats and prevents illness overall.”
23andMe will be operated as a wholly owned direct or indirect subsidiary of Regeneron Pharmaceuticals, Inc. and continue operations as a personal genomics service. Regeneron’s purchase does not include 23andMe’s Lemonaid Health business.
.Joe Selsavage, interim CEO of 23andMe, said, “With the support of Regeneron and their deep experience in genetic sequencing, testing and discovery, we look forward to continuing to help people access and understand the human genome for the benefit of customers and patients.”
