On May 19, 2025, Regeneron Pharmaceuticals, Inc., a leading U.S. biotechnology company, announced it has entered into a definitive agreement to acquire substantially all assets of 23andMe Holding Co. for US$256 million (approximately C$350 million at the time of the announcement) through a court-supervised Chapter 11 sale process. The acquisition includes 23andMe’s Personal Genome Service®, Total Health, and Research Services business lines, as well as its Biobank and associated assets. The purchase excludes 23andMe’s Lemonaid Health unit, which is to be wound down. Regeneron will operate 23andMe as a wholly owned subsidiary and retain its staff, with services to continue uninterrupted.

The transaction is subject to U.S. Bankruptcy Court and regulatory approvals and is expected to close in Q3 2025. Regeneron has pledged to uphold 23andMe’s existing privacy policies, and an independent Consumer Privacy Ombudsman will review the transaction’s impact on consumer data protections. This deal aligns with Regeneron’s long-standing focus on genetic research and data-driven drug discovery, leveraging its experience with sequencing data from nearly three million individuals.

23andMe is being advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP and Carmody MacDonald P.C. as legal counsel, Alvarez & Marsal North America, LLC as restructuring advisor, and Moelis & Company LLC as investment banker. Reevemark and Scale are serving as communications advisors. Regeneron is advised by Wachtell, Lipton, Rosen & Katz. The agreement followed an auction concluded on May 16, 2025, and is supported by court-approved DIP financing from JMB Capital Partners.