After filing for bankruptcy, 23andMe has found a buyer. New York-based Regeneron will pay $256 million for the California company, which was once valued at $6 billion. 

Importantly, Regeneron has pledged to continue following all the existing privacy and security practices for 23andMe, which has attracted over 15 million users. This includes continuing 23andMe’s consumer genetic testing services "uninterrupted."

"Through our Regeneron Genetics Center, we have a proven track record of safeguarding personal genetic data, and we assure 23andMe customers that we will apply our high standards for safety and integrity to their data and ongoing consumer genetic services," says Regeneron co-founder George Yancopoulos.

The commitment to follow 23andMe’s existing privacy and security policies was also required under the court-supervised bidding process. 

Regeneron's main business is drug research; it sells medications to treat age-related blindness, arthritis, and colorectal cancer, among other conditions. In 2020, the company also grabbed headlines for an "antibody cocktail" to treat COVID-19, which was administered to President Trump. 

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As for why it bought 23andMe, Regeneron notes: “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.”

This suggests Regeneron will harness 23andMe’s users' genetic data for drug development—but only if the customer has already consented. Users can opt out by going to their account settings. Many other consumers have resorted to deleting their data from 23andMe to free themselves from privacy concerns related to the company holding their genetic data.  

Regeneron has agreed to buy all of 23andMe’s assets, except for the company’s Lemonaid Health subsidiary, a telehealth forwarding service, which will be wound down. Before the acquisition can be approved, the court-appointed “independent Consumer Privacy Ombudsman” will examine the deal before presenting their findings to the judge by June 10. 

“A court hearing to consider approval of the transaction is currently scheduled for June 17, 2025, and the transaction is expected to close in the third quarter of 2025,” 23andMe adds.

Regeneron plans on sharing more details about the acquisition once the deal is officially closed.