Regeneron Pharmaceuticals was outbid in its effort to buy 23andMe by a nonprofit led by the bankrupt genetics testing company’s co-founder.
California-based TTAM Research Institute, led by Anne Wojcicki, came in with a $305 million bid, weeks after Tarrytown-based Regeneron announced it was acquiring 23andMe for $256 million.
Regeneron wanted 23andMe to strengthen its research and development of drugs to fight serious diseases.
“Regeneron declined to submit a new bid exceeding our original winning bid of $256 million, based on our assessment of 23andMe’s remaining value,” according to Joe Brown, senior manager for corporate communications. “While the potential acquisition was an opportunity for Regeneron to secure and build on 23andMe’s legacy, we remain focused on our ongoing efforts to use the power of genetics and data to advance human health and wellness.”
In the wake of the auction, Brown said Regeneron would “continue our global leadership in genetics-based research and therapeutics through the work of the Regeneron Genetics Center, Regeneron Genetic Medicines and many other groups across the organization.”
23and Me filed for Chapter 11 bankruptcy protection in March amid financial uncertainties and a data breach affecting millions of customers that raised questions about how DNA testing companies protect privacy.
Regeneron invents, develops and commercializes medicines for people with serious eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
The biotechnology company employs more than 15,100 in 12 countries and has clinical trials underway in more than 50 countries. Regeneron sponsors the Science Talent Search, the nation’s oldest and most prestigious science research competition for high school students.
