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Following a bankruptcy auction, pharmaceutical giant Regeneron has agreed to acquire 23andMe, the genetic testing company, for $256 million. The deal includes 23andMe's genomics service and the personal and genetic data of its 15 million customers. Regeneron intends to use this vast trove of data to advance drug discovery, emphasizing its commitment to prioritizing the privacy, security, and ethical use of the information. The acquisition aims to ensure compliance with 23andMe's existing privacy policies and relevant data protection laws, a move intended to reassure concerned customers.
The sale of 23andMe comes after a challenging period for the company, which filed for bankruptcy protection in March following a significant data breach in 2023. This breach exposed the private and genetic data of approximately 7 million customers, contributing to a decline in the company's stock price and waning consumer confidence. Concerns were raised about the potential sale of customer data to unethical buyers during the bankruptcy proceedings, prompting California Attorney General Rob Bonta to urge residents to delete their genetic data. The bankruptcy court is scheduled to consider Regeneron's acquisition on June 17.
Regeneron has emphasized its experience in handling genetic data through its Regeneron Genetics Center, which already manages genetic information from nearly 3 million people. The company assures 23andMe customers that their data will be protected with high standards of privacy, security, and ethical oversight, aiming to leverage the data's full potential to improve human health. While the acquisition includes 23andMe's personal genome service, it excludes the Lemonaid Health telehealth division, which 23andMe plans to discontinue.
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The sale of 23andMe comes after a challenging period for the company, which filed for bankruptcy protection in March following a significant data breach in 2023. This breach exposed the private and genetic data of approximately 7 million customers, contributing to a decline in the company's stock price and waning consumer confidence. Concerns were raised about the potential sale of customer data to unethical buyers during the bankruptcy proceedings, prompting California Attorney General Rob Bonta to urge residents to delete their genetic data. The bankruptcy court is scheduled to consider Regeneron's acquisition on June 17.
Regeneron has emphasized its experience in handling genetic data through its Regeneron Genetics Center, which already manages genetic information from nearly 3 million people. The company assures 23andMe customers that their data will be protected with high standards of privacy, security, and ethical oversight, aiming to leverage the data's full potential to improve human health. While the acquisition includes 23andMe's personal genome service, it excludes the Lemonaid Health telehealth division, which 23andMe plans to discontinue.
ImgSrc: www.zdnet.com
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References :
- hackernoon.com: What Happens When Hackers Get Your DNA? Ask 23andMe
Classification:
- HashTags: #DataBreach #DNAdata #Privacy
- Company: 23andMe
- Target: DNA
- Product: 23andMe
- Feature: Privacy
- Type: DataBreach
- Severity: Major