Anne Wojcicki, the founder of 23andMe, is embroiled in a legal battle to reopen the auction for the genetic testing company. This move comes as Wojcicki claims to have garnered support from a Fortune 500 company boasting a market capitalization exceeding $400 billion. However, she has chosen not to disclose the identity of this corporate giant in recent court filings.
The saga began when South San Francisco-headquartered 23andMe found itself filing for bankruptcy back in March. The company sought to offload its operations through an auction following a downturn in consumer interest and a significant data breach in 2023 that exposed sensitive genetic and personal details of numerous clients.
Last month saw Regeneron Pharmaceuticals swoop in with a bid of $256 million, outbidding Wojcicki and TTAM Research Institute’s offer of $146 million. Notably, TTAM Research Institute is described as a California non-profit public benefit corporation established by Wojcicki herself.
In documents dated May 31, Wojcicki raised concerns about alleged attempts by 23andMe’s debtors to sway the sales process away from TTAM towards Regeneron. She argued that their bid cap of $250 million was unjustifiably imposed due to misconceptions about TTAM’s financial stability. According to Wojcicki and TTAM, they were unfairly restricted from bidding higher than $280 million before the premature conclusion of the auction.
On another front, there are requests for court approval allowing both Anne Wojcicki and Regeneron to present final proposals by June 12th. Additionally, should Wojcicki emerge victorious in her bid efforts, there is mention of a proposed $10 million breakup fee earmarked for Regeneron.
Regeneron has opted not to comment on ongoing developments but remains steadfast on completing the acquisition according to plan. Meanwhile, legal representatives for both parties involved – namely 23andMe’s debtors and entities linked with TTAM – have yet to provide any immediate responses seeking clarification or comments on these recent events.
As this high-stakes maneuver unfolds within legal corridors and boardroom negotiations, industry observers are closely watching how Anne Wojcicki’s strategic moves will shape the fate of one of Silicon Valley’s most prominent DNA testing companies.
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