Core Points - 23andMe has filed for Chapter 11 bankruptcy protection, indicating that its assets, including its genetic database, will be available for sale [1] - The company continues to offer at-home DNA testing kits, providing insights into family histories and genetic profiles [1] - Privacy concerns have arisen due to a data breach in October 2023, affecting nearly 7 million customers [2] Company Actions - As part of the bankruptcy process, 23andMe aims to find a partner committed to customer data privacy, ensuring no changes in data management during the sale [2][3] - The company emphasizes its commitment to user privacy and transparency regarding data management in any potential transaction [3] Consumer Advisory - California Attorney General has issued a consumer alert, advising customers to consider deleting their genetic data from 23andMe [3][4] - Experts recommend consumers be cautious and consider deleting their information, highlighting the sensitivity of genetic data [5] Data Deletion Process - 23andMe allows customers to delete their accounts and associated data, ensuring that personal information will not be used in future research [6][7]

Genetic testing company 23andMe is seeking a new owner as part of its Chapter 11 bankruptcy protection proceedings. The company emphasized that any potential buyer must ensure the protection of its data. However, an industry expert noted that data collected by the company has "always been at risk." The company filed for Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Missouri on Sunday to facilitate a sale process to maximize the value of its business. The company expects the process wil ...

In March 2025, the company filed for Chapter 11 bankruptcy protection. 23andMe will continue operating while it seeks a buyer."After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business," chair Mark Jensen said in a press release. It will "advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold ...

CEO Anne Wojcicki wanted to take 23andMe private 23andMe cofounder Anne Wojcicki. Kimberly White / Getty Images Despite operating for nearly two decades without turning a profit, 23andMe went public in 2021 and reached a $6 billion valuation. The stock price collapsed more recently, leaving the company with a market value of less than $50 million.In July 2024 Wojcicki, the CEO and cofounder, proposed taking 23andMe private, but a special board committee rejected the proposal five days later.The sp ...

Anne Wojcicki, co-founder and chief executive officer of 23andme Inc., during the South by Southwest (SXSW) festival in Austin, Texas, US, on Friday, March 10, 2023.Embattled genetic testing company 23andMe, once valued at $6 billion, filed for Chapter 11 bankruptcy protection in Missouri federal court on Sunday night.The company's CEO, Anne Wojcicki, has resigned from her role as chief executive effective immediately, though she will remain a member of the board. Joseph Selsavage, 23andMe's chief financial ...

DNA and genetic testing firm 23andMe is in turmoil following a 2023 data breach and its ongoing financial decline. The once-pioneering giant now faces an uncertain future as bankruptcy looms over the company, intensifying concerns about what might happen to the genetic data of 23andMe’s some 15 million customers.Best known for its saliva-based test kits that offer a glimpse into a person’s genetic ancestry, 23andMe has seen its value plummet more than 99% from its $6 billion peak since going public in early ...

Core Viewpoint - 23andMe Holding Co. has initiated voluntary Chapter 11 proceedings to facilitate a court-supervised sale process aimed at maximizing the value of its business while continuing normal operations during this period [2][3]. Group 1: Business Operations and Financial Support - The company expects to continue its business operations in the ordinary course during the Chapter 11 proceedings [2]. - 23andMe has secured approximately $35 million in debtor-in-possession (DIP) financing to support ongoing operations [5]. - The company intends to resolve all outstanding legal liabilities stemming from a previously disclosed cyber incident [5]. Group 2: Sale Process and Asset Management - 23andMe is seeking court authorization to sell substantially all of its assets through a Chapter 11 plan or Section 363 of the U.S. Bankruptcy Code [3]. - The company plans to actively solicit qualified bids over a 45-day process, with an auction to be conducted if multiple bids are received [3]. - Any buyer will be required to comply with applicable laws regarding the treatment of customer data [3]. Group 3: Leadership and Governance Changes - Anne Wojcicki has resigned as CEO, with Joe Selsavage appointed as Interim CEO and Matt Kvarda as Chief Restructuring Officer [8]. - Thomas Walper has been appointed as an independent director on the Board [8]. Group 4: Legal and Advisory Support - 23andMe has engaged legal counsel and restructuring advisors, including Paul, Weiss, Rifkind, Wharton & Garrison LLP and Alvarez & Marsal North America, LLC [9].

SAN FRANCISCO, March 21, 2025 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (NASDAQ:ME), a leading human genetics company with a mission to help people access, understand, and benefit from the human genome, today released a new report on the genetics of homocysteine levels for 23andMe+ Premium members, as well as a blood test for next steps in further understanding said levels for an additional fee. One of the top 23andMe customer requested reports, it informs users if they are at a higher likelihood of developin ...

Anne Wojcicki, co-founder and chief executive officer of 23andme Inc., during the South by Southwest (SXSW) festival in Austin, Texas, US, on Friday, March 10, 2023.23andMe's special committee of independent directors on Monday rejected CEO Anne Wojcicki's proposal to take the distressed genetic testing company private.Wojcicki submitted a proposal to the committee on Sunday, offering to acquire all of the company's outstanding shares for 41 cents each, according to a filing with the U.S. Securities and Exc ...

Core Viewpoint - The Special Committee of 23andMe has received a non-binding acquisition proposal from CEO Anne Wojcicki to buy out all outstanding shares not owned by her or her affiliates for $0.41 per share, which is an 84% decrease from a previous proposal of $2.53 per share [1][2]. Group 1 - The acquisition proposal was confirmed in an amended Schedule 13D filing with the SEC [1]. - The Special Committee has unanimously rejected the acquisition proposal after consulting with financial and legal advisors [2]. - Moelis & Company LLC is acting as the financial advisor and Goodwin Procter LLP as the legal advisor to the Special Committee [2]. Group 2 - 23andMe is a genetics-led consumer healthcare and biopharmaceutical company focused on empowering a healthier future [3].