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@zdnet.com
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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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Samiksha Jain@thecyberexpress.com
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Regeneron Pharmaceuticals is set to acquire the bankrupt genetic testing company 23andMe for $256 million. The deal encompasses 23andMe's Personal Genome Service, Total Health and Research Services business, and its extensive genetic "biobank" of customer data. This acquisition follows a significant data breach and subsequent bankruptcy filing by 23andMe earlier in the year. Regeneron, a leading biotechnology company focused on inventing, developing, and commercializing life-transforming medicines, is primarily interested in leveraging 23andMe's vast genetic data for drug discovery and development.
The acquisition has sparked privacy concerns regarding the handling and security of sensitive genetic data belonging to 23andMe's 15 million customers. This data includes genetic information, health details, genealogy records, and other personal information. Regeneron has pledged to adhere to 23andMe's existing privacy policy, promising to prioritize data privacy, security, and ethical use of customer data. Dr. George Yancopoulos, Regeneron’s president, stated the acquisition will help 23andMe "deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron’s efforts to improve the health and wellness of many." The bankruptcy court is scheduled to review Regeneron's acquisition on June 17. Concerns have been raised about who would acquire 23andMe's assets in the wake of the data breach and bankruptcy, with some fearing the data could fall into the hands of unethical buyers or even adversarial nations. Regeneron’s pledge to maintain privacy standards and its commitment to working with a court-appointed Customer Privacy Ombudsman aims to ease these concerns. As part of the acquisition, Regeneron will not be acquiring 23andMe’s Lemonaid Health business.
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