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Title: 23andMe Founder Aims To Restart Auction With Major Corporate Backing

Link: https://science.slashdot.org/story/25/06/04/0...

Anne Wojcicki has asked a U.S. judge to reopen the auction for 23andMe,
claiming she has backing from a $400+ billion Fortune 500 company. Reuters
reports: South San Francisco, California-based 23andMe filed for bankruptcy
in March, seeking to sell its business at auction after a decline in consumer
demand and a 2023 data breach that exposed sensitive genetic and personal
information of millions of customers. Last month, Regeneron Pharmaceuticals
agreed to buy the firm for $256 million, topping a $146 million bid from
Wojcicki and TTAM Research Institute, which was founded by Wojcicki and
describes itself as a California non-profit public benefit corporation. In a
filing dated May 31, Wojcicki claimed that 23andMe's debtors had attempted to
tilt the sales process away from TTAM and in favor of Regeneron. TTAM and
Wojcicki said in the filing that 23andMe's financial and legal advisers
unfairly capped their maximum bid at $250 million due to misplaced concerns
about TTAM's "financial wherewithal." The plaintiffs said the auction was
prematurely concluded before they had the opportunity to submit a bid that
would have exceeded $280 million. The company's debtors said the auction
results came after an extensive and careful consideration by a four-member
special committee of independent directors, according to the filing.
According to another filing, 23andMe is seeking court approval to let
Wojcicki and Regeneron submit final proposals by June 12. 23andMe is also
seeking a $10 million breakup fee for Regeneron if Wojcicki's bid is
ultimately accepted.

Read more of this story at Slashdot.

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