Regeneron Pharmaceuticals’ $256 million offer was chosen the winner of 23andMe’s bankruptcy auction. Drug research never became a big part of the genetic testing company’s business, but it is getting a new life by joining Regeneron Genetics Center, a Regeneron subsidiary that analyzes genetic data for drug R&D.
A month before 23andMe’s bankruptcy filing, CEO Anne Wojcicki had a fully financed proposal to take the genetic testing company private. The financing fell apart, and a series of alternative proposals by Wojcicki did not result in a deal.
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In contrast to 23andMe's previous FDA approvals for genetic risk tests for conditions like Alzheimer's, the diabetes assessment did not go through the FDA clearance pathway because it was characterized as a wellness product not intended to make diagnoses and provide medical advice.
23andMe CEO Anne Wojcicki got a little chatty during her own company's presentation. Oops.
23andMe can finally take a deep breath and move forward following FDA approval, and CEO Anne Wojcicki is doing just that.
Following the shutdown by the FDA, 23andMe is back in business and reportedly took advantage of its two-year hiatus.
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Anne Wojcicki made a strong case for getting your DNA sequenced to the crowd at SxSW but she had no easy answers for questions about privacy or the FDA.