Regeneron to acquire bankrupt firm 23andMe

US human genetics biotech 23andMe (OTC: MEHCQ) today revealed it has entered into a definitive agreement for the sale of the company to Regeneron Pharmaceuticals (Nasdaq: REGN), whose shares climbed 2% following the announcement

The agreement includes Regeneron’s commitment to comply with the company’s privacy policies and applicable law, process all customer personal data in accordance with the consents, privacy policies and statements, terms of service, and notices currently in effect and have security controls in place designed to protect such data. 23andMe last month agreed to allow a court-appointed overseer for the company’s handling of customers’ genetic information and its security policies during the bankruptcy.

“We are pleased to have reached a transaction that maximizes the value of the business and enables the mission of 23andMe to live on, while maintaining critical protections around customer privacy, choice and consent with respect to their genetic data,” said Mark Jensen, chairman and member of the special committee of the board of directors of 23andMe. He added: “We are grateful to Regeneron for offering employment to all employees of the acquired business units, which will allow us to continue our mission of helping people access, understand and gain health benefits through greater understanding of the human genome.”