Regeneron Acquires 23andMe Out of Bankruptcy for $256 Million

In a significant move within the biotech industry, Regeneron Pharmaceuticals announced it will acquire genetic testing company 23andMe out of bankruptcy for $256 million. The deal positions Regeneron to gain access to a vast dataset comprising genetic information from millions of individuals, potentially enhancing its research and development capabilities.

Based in New York, Regeneron revealed that it was named the successful bidder in the bankruptcy auction following 23andMe's financial struggles, which were exacerbated by a major data breach in 2023 affecting nearly seven million user accounts. The breach impacted consumer confidence and sales, leading the company to file for Chapter 11 bankruptcy protection in March 2025. Notably, 23andMe had previously rejected a takeover offer from its co-founder and former CEO, Anne Wojcicki.

Regeneron’s CEO, George Yancopoulos, emphasized the company's focus on genetics-driven research and its mission to improve health outcomes. He stated that the acquisition would bolster efforts to utilize large-scale genetic data to advance disease prevention and treatment. Both companies committed to ensuring data privacy, with Regeneron planning to submit its data protection strategies for review by a court-appointed privacy ombudsman.

Founded in Silicon Valley, 23andMe went public in 2021 and was once valued at approximately $6 billion. Its popular mail-back saliva tests allow consumers to explore their ancestry and genetic health traits for under $200. During the height of the genetic testing trend, millions of consumers purchased tests from 23andMe as holiday gifts and personal health explorations.

The acquisition, which still requires approval from a US bankruptcy court, is scheduled for a hearing on June 17. If approved, the transaction is expected to close in the third quarter of the year.