Surprise $305 million bid sets stage for new 23andMe auction
Genetic testing company 23andMe is preparing for a renewed auction of its assets after a federal judge agreed to reopen the sale process, following an eleventh hour bid from company co-founder Anne Wojcicki.
The embattled California-based firm, which filed for bankruptcy protection in March, said it supported a new round of bidding after receiving a $305 million offer from Wojcicki, who is now bidding through a newly formed non-profit entity, TTAM Research Institute.
The fresh offer prompted the company to scrap its earlier agreement to sell its core assets to US biotech major Regeneron Pharmaceuticals (Nasdaq: REGN) for $256 million. The new proposal will serve as the opening bid, with Regeneron allowed to counter at $315 million. Both parties will then have an opportunity to submit one final offer each.
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