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23andMe: Pioneering Genetics Firm Seeks Restructuring in International Edition (English)

oleh admin | Mar 24, 2025 | biotech & biomedical, genetic testing, genetics and heredity, healthcare and medicine, scientific research

The pioneering American genetic-testing firm 23andMe has declared bankruptcy and is seeking a potential purchaser following a data breach two years ago that exposed information from millions of user profiles.

23andMe, a company offering a mail-in saliva test to identify ancestry or specific health-linked genetic characteristics for under $200, announced on Sunday that they have “submitted a voluntary request for restructuring” to a state bankruptcy court in Missouri.

In its peak a few years back, the frenzy over DNA testing witnessed countless consumers eagerly purchasing kits to uncover their ancestral and health-related details, with 23andMe tests even turning into sought-after presents during holidays.

The firm based in Silicon Valley, which made its debut on the stock market in 2021, boasts 15 million clients and has experienced a drop in revenues over recent months due to waning interest in testing and a security incident involving sensitive information leakage.

23andMe announced that they turned down a buyout proposal from their founder and CEO, Anne Wojcicki, who has stepped down from her role but will continue serving as a member of the company’s board of directors, as stated in the release.

On X, Wojcicki shared that “Although I am disappointed with the outcome and my offer was declined, I support the company and still plan to remain a potential bidder.”

She stated that her decision to step down from her role as CEO was part of a strategy aimed at positioning herself “to lead the charge for acquiring the firm independently.”

Wojcicki, who established 23andMe 19 years ago along with others, recognized the difficulties faced by the firm yet expressed her steadfast confidence in its prospects.

In November, faced with challenges, 23andMe announced the termination of approximately 40% of its workforce, which amounts to around 200 employees. Additionally, the company halted its research initiatives.

In an official document submitted to regulators, 23andMe stated that they have committed to paying around $37.5 million as part of the settlement for allegations connected with the 2023 data breach.

In the 2023 hacking incident, approximately 6.9 million user accounts were compromised, with about 5.5 million of those containing data related to genetic matching.

With previous passwords of customers, the hackers were able to access data encompassing their names, gender, birth year, locations, pictures, health details, and outcomes from genetic ancestry tests.

Following the bankruptcy declaration, Geoffrey Fowler—a tech columnist at the Washington Post—cautioned: “If you’re among the 15 million individuals who have submitted your genetic information to 23andMe, now might be the right moment to remove your data.”

He pointed out the danger “that your information might be sold or moved to another corporation, which could intend to utilize it for different objectives.”

The firm’s stock value dropped by almost 50 percent to reach 92 cents during Monday’s trading session on Wall Street.

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Genetic Testing Company 23andMe Files for Bankruptcy
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23andMe: U.S. Genetic Testing Giant Seeks Bankruptcy Protection Amid Sliding Orders

oleh admin | Mar 24, 2025 | business, genetic disorders and diseases, genetic testing, healthcare and medicine, medicine and healthcare

The genetics testing company 23andMe has sought bankruptcy protection as part of efforts to facilitate its sale, according to confirmation from the U.S. based entity.

Following years of challenges with its business approach, 23andMe announced it had initiated voluntary Chapter 11 filings in the U.S. Bankruptcy Court for the Eastern District of Missouri.

According to Mark Jensen, who heads the company’s board of directors, this choice was made “in order to streamline the sales process and maximize the worth of the enterprise.”

Late Sunday saw the company issue a statement announcing that co-founder Anne Wojcicki had resigned from her position as CEO.

Wojcicki, who co-founded the company back in 2006, expressed her disappointment via X about the bankruptcy ruling. However, she also stated that she intends to submit a bid for the business.

“If I am fortunate enough to secure the company’s assets through the restructuring process, I remain committed to our long-term vision of being a global leader in genetics,” she said.

23andMe, known primarily for its at-home DNA testing kit, reached a peak valuation of $6 billion (€5.5 billion) in the past. Recently though, its worth has significantly decreased, partially because of a decline in customer orders.

In 2023, approximately half of the over 15 million clients of the California-based company experienced a data breach, sparking worries about the protection of the genetic information they store.

These concerns have persisted, as evidenced by California Attorney General Rob Bonta issuing a consumer warning about the firm on Friday.

Bonta stated that California boasts strong privacy regulations enabling consumers to gain control and ask companies to remove their genetic information.

“Considering 23andMe’s reported financial difficulties, I advise Californians to exercise their rights and request that the company deletes their data and destroys any genetic materials they possess,” he stated.

In November, the firm announced it would be terminating 200 employees, which accounted for approximately 40% of its total staff.

Upon Wojcicki’s departure, Joe Selsavage, who currently serves as the chief financial officer at 23andMe, will take over as the interim CEO of the company.