In a dramatic turn of events, Anne Wojcicki, the co-founder and former CEO of 23andMe, is set to regain control of the once high-flying genetic testing company after her newly established nonprofit, TTAM Research Institute, placed the winning bid during a reopened bankruptcy auction.
TTAM will acquire the bulk of 23andMe’s assets—including its signature Personal Genome Service, research operations, and telehealth arm, Lemonaid Health—for $305 million. The bid outpaced an earlier $256 million offer from Regeneron Pharmaceuticals, which had initially emerged as the top contender following 23andMe’s Chapter 11 bankruptcy filing in March.
According to The Wall Street Journal, the acronym “TTAM” nods to the company’s original name: Twenty-Three and Me. The acquisition must still receive final approval from the U.S. Bankruptcy Court for the Eastern District of Missouri.
Wojcicki’s Vision Lives On
Wojcicki, who stepped down as CEO earlier this year amid the company’s financial crisis, expressed excitement about the deal.
“I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to help people access, understand and benefit from the human genome,” she said in a statement.
Her return through a nonprofit vehicle signals a shift in focus—from commercial growth to long-term research, public health, and accessibility—core values that originally fueled 23andMe’s early momentum.
From $6 Billion Valuation to Bankruptcy
Founded in 2006, 23andMe became a household name thanks to its direct-to-consumer DNA testing kits, which provided users with ancestry details and health insights. The company made headlines for disrupting the personal genomics space and earned a place on CNBC’s Disruptor 50 list five times. In 2021, it went public through a SPAC merger, debuting with a valuation close to $6 billion.
However, post-IPO performance failed to match expectations. The company struggled to generate sustainable revenue beyond its consumer DNA tests and faced challenges building out its research and therapeutics divisions. In late 2023, the situation worsened when a massive data breach compromised the personal information of nearly seven million users, intensifying concerns over privacy and data security.
What This Means for the Future of 23andMe
TTAM’s acquisition could mark a new chapter for the embattled brand, one that returns to its scientific and consumer empowerment roots. Operating as a nonprofit may allow the organization to focus more on health equity, genomic literacy, and collaboration with public research institutions—potentially freeing it from the pressures of short-term investor expectations.
For Wojcicki, it’s not just a comeback; it’s a second chance to reshape the narrative of a company that once promised to revolutionize personal health. Now, under new structure and stewardship, 23andMe might finally have the breathing room it needs to evolve.