23andMe bankruptcy: Here's who could buy biotech giant amid uncertain future
BySumanti Sen
Mar 25, 2025 10:52 AM IST
In the aftermath of the bankruptcy, 23andMe's major goal would be to look for potential buyers.
23andMe, a formerly high-flying genetic testing company, recently announced that it was declaring bankruptcy. The company said it would now be seeking a buyer. CEO and co-founder Anne Wojcicki is stepping down immediately, the company said, and will be replaced by Chief Financial and Accounting Officer Joe Selsavage as interim chief executive.
23andMe bankruptcy: Here's who could buy biotech giant amid uncertain future (Photo by JUSTIN SULLIVAN / GETTY IMAGES NORTH AMERICA / AFP)(AFP)
23andMe bankruptcy: Here's who could buy biotech giant amid uncertain future (Photo by JUSTIN SULLIVAN / GETTY IMAGES NORTH AMERICA / AFP)(AFP)
Back in November, 23andMe moved to slash 40% of its workforce as part of a restructuring plan. They took the step about two months after its entire board resigned.
"We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities," 23andMe Chair Mark Jensen said in a statement, according to CBS News. "We believe in the value of our people and our assets and hope that this process allows our mission of helping people access, understand and benefit from the human genome to live on for the benefit of customers and patients."
In the aftermath of the bankruptcy, 23andMe's major goal would be to look for a buyer. The company offers two kinds of services — consumer and therapeutics. The former provides people with information on their ancestry and genetic health profile. The therapeutics unit is responsible for developing treatments, and it also conducts research into cancer, immune diseases and other conditions.
Who could buy 23andMe?
23andMe has filed for Chapter 11 protection in the US Bankruptcy Court for the Eastern District of Missouri. If granted approval in bankruptcy court, the company would start soliciting bids from potential acquirers over a 45-day period. It could also conduct an auction. However, it is too early to determine who might want to buy the company.
One potential buyer, however, is Wojcicki herself, who recently submitted an acquisition offer that was rejected by 23andMe earlier this month. In an X post, she said she might bid for 23andMe again. “I have resigned as CEO of the company so I can be in the best position to pursue the company as an independent bidder,” she wrote.
“We have had many successes but I equally take accountability for the challenges we have today. There is no doubt that the challenges faced by 23andMe through an evolving business model have been real, but my belief in the company and its future is unwavering. Consumers are rising up and asking for more control over their health and want greater knowledge about how to be healthy and why they may have health issues. We fought for consumers to have direct access to their information and for them to have choice and transparency with respect to their personal data. As I think about the future, I will continue to tirelessly advocate for customers to have choice and transparency with respect to their personal data, regardless of platform,” further said.
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