23andMe has found itself a buyer after biotech Regeneron won an auction to buy the bankrupt genetics company for $256m.
As part of a court-supervised sale, the auction will see Regeneron acquire the majority of 23andMe’s assets. This includes the company’s Personal Genome Service (PGS) and Total Health and Research Services business lines, but not the Lemonaid Health subsidiary.
Lemonaid Health, a telehealth company, will be wound down by 23andMe separately.
Although Regeneron and 23andMe have agreed to the $256m deal, a court hearing set for 17 June will still be required to approve the sale. The transaction is expected to close in Q3 2025 if all goes to plan.
Reaction on Wall Street was tepid, with shares in Regeneron opening 1% down at market open following the announcement. The company has a market cap of $64bn.
A pioneer in genetic heritage services, 23andMe saw its share price decimated in the past year as it struggled to find a sustainable business model. Once occupying a market cap of $6bn, the company diversified beyond DNA testing and started a drug research business along with more specific diagnostic insights for customers. Despite helping to transform the consumer genomics space, the company has never reported a net profit.
23andMe co-founder Anne Wojcicki tried multiple times to take the company private. Despite her push for a buyout, the company’s board continually rebuffed all attempts. She eventually resigned in March 2025, the same month the company filed for bankruptcy.
The future of the company has been a hot topic of conversation, largely due to the vast amount of genetic data it holds. The company has collected this from the 15 million customers who ordered its DNA testing kits online and provided saliva samples. There was a significant data breach in 2023 that affected around half of its customers – an attack from which 23andMe never fully recovered.
Regeneron, perhaps best known as the maker of the blockbuster autoimmune drug Dupixent (dupilumab), still sees a future for 23andMe’s service. The pharma company said it plans to “continue all consumer genome services uninterrupted”.
23andMe will be operated as a wholly owned subsidiary of Regeneron Pharmaceuticals, with employment offered to all individuals in the acquired business units.
Regeneron’s chief scientific officer George Yancopoulos said: “We believe we can help 23andMe deliver and build upon its mission to help those interested in learning about their own DNA and how to improve their personal health, while furthering Regeneron’s efforts to use large-scale genetics research to improve the way society treats and prevents illness overall.”