US DNA testing firm 23andMe files for bankruptcy protection after CEO's failed takeovers
By Yiying Li
Topic:DNA Testing
11m ago11 minutes agoMon 24 Mar 2025 at 1:09pm
23andme headquarters in Silicon Valley
23andMe is seeking to sell its assets after filing for bankruptcy protection. (Getty Images: Sundry Photography)
In short:
Popular DNA testing company 23andMe has filed for bankruptcy protection and is looking to sell its assets.
23andMe's co-founder and CEO, Anne Wojcicki, has resigned, effective immediately.
What's next?
The company is awaiting approval from the court to start a sale process.
Popular DNA testing company 23andMe has filed for bankruptcy after multiple failed takeover bids by its CEO, petitioning the US Bankruptcy Court to be allowed to sell its assets.
Chief financial officer Joe Selsavage will take over as interim CEO from co-founder Anne Wojcicki, who resigned along with the announcement after multiple failed attempts to buy the publicly traded company.
In a statement, the California-based company said it intended to continue operating as usual through the asset sale and no changes would be made to how it stores, manages or protects its customer data.
"We are committed to continuing to safeguard customer data and being transparent about the management of user data going forward, and data privacy will be an important consideration in any potential transaction," 23andMe chair Mark Jensen said.
On Friday, California Attorney-General Rob Bonta issued a consumer alert advising customers to delete their genetic data on 23andMe's website, referring to the company's financial hardship as an ongoing concern.
"California has robust privacy laws that allow consumers to take control and request that a company delete their genetic data," Mr Bonta said.
"Given 23andMe's reported financial distress, I remind Californians to consider invoking their rights and directing 23andMe to delete their data and destroy any samples of genetic material held by the company."
Customers have the option to delete their accounts, but the company can retain their genetic data for up to three years.
In 2018, pharmaceutical company GlaxoSmithKline paid $US300 million ($476 million) to access the test results of 5 million 23andMe customers for the design of new drugs.
As of today, 23andMe has entered into 15 partnerships with different drug companies.
23andMe was founded in 2006 as the first company to offer customers the ability to learn more about their ancestry through the use of saliva-based home DNA testing kits.
In November, the company axed about 40 per cent of its workforce — about 200 employees — and discontinued its therapeutics programs.
Posted11m ago11 minutes agoMon 24 Mar 2025 at 1:09pm
Copy link
X (formerly Twitter)