Regeneron Pharmaceuticals medication manufacturer will buy the 23andme genetic test company for $ 256 million thanks to a bankruptcy auction, companies announced on Monday.
Regeneron said that it would respect the 23andme privacy policies and applicable laws with regard to the use of customer data and that it is ready to detail its provided for data to a supervisor committed to a court.
The bankruptcy procedure, filed in March, had scored a meticulous examination of the legislators who warned that millions of genetic data from customers could be sold to unscrupulous buyers.
Last month, 23andmis agreed to authorize a supervisor led to the trial for the company processing of customer genetic information and its security policies during bankruptcy.
The company collected genetic data of 15 million customers who ordered its online DNA test kits and provided saliva samples.
The company had trouble with a low demand for its ancestry test kits and a data violation in 2023 which exhibited millions of genetic data from customers.
As part of the agreement, Regeneron acquires all the 23andme units, with the exception of the Lemonaid Health TV service, which the genetic test company plans to end.
Once the transaction is completed, 23andm will continue to operate as a direct or indirect unit in exclusive Regeneron, the companies said.
Companies expect to conclude the agreement in the third quarter of this year.
