Regeneron refuses to make a higher bid for 23andme after Wojcickis offers $ 305 million | Company Business News

June 16 – Regeneron Pharmaceuticals refused to submit a new bid for the genetic test business 23andme that exceeded its original $ 256 million winning bid, a company spokeswoman told Reuters on Monday. Why it is an important co-founder Anne Wojcicki, intends to regain the control of 23andme after a $ 305 million bid of a non-profit organization that she controls the Boipped Regeneron’s offer for the DNA test business at a bankruptcy auction. Last month, Regeneron agreed to buy the firm for $ 256 million, and beat an earlier $ 146 million bids from Wojcicki and the non-profit TTAM Research Institute. Key Quote “We remain focused on using the power of genetics and data to promote human health, and continue our global leadership in genetics-based research and therapeutic agents through the work of the Regeneron Genetics Center, genetic medicine and about our organization,” the company spokeswoman said in an email. Context Once a trailblazer in Ancestry DNA testing, 23andme in March applied to bankruptcy to sell his business at auction after a decline in demand and a 2023 data violation that exposed sensitive genetic and personal information of millions of clients. Regeneron said early this month that he was prepared to make a new bid after Wojcicki, but wanted a $ 10 million break -up fee if her bid was finally accepted. The next Wojcicki’s bid is expected to close in the coming weeks after a court hearing is scheduled for June 17, the TTAM Research Institute said on Friday. Ttam said it would maintain 23and’s existing privacy policies and comply with all applicable data protection laws. (Reporting by Siddhi Mahatole in Bengaluru; Editing by Sahal Muhammed)