Regeneron Acquires 23andMe Genetic Data Biobank for $256 Million

23andMe, the consumer genetics company known for its DNA test kits, filed for bankruptcy and agreed to sell its genetic data bank to pharmaceutical company Regeneron Pharmaceuticals for $256 million. The sale includes genetic data from approximately 15 million customers, with Regeneron pledging to adhere to 23andMe's existing privacy policies under the oversight of a court-appointed privacy ombudsman. Regeneron intends to use this data to advance personalized medicine and drug discovery, leveraging its experience in managing large-scale genetic data while promising to maintain privacy protections. This acquisition highlights the monetary value of genetic data, estimated at about $17 per person, and has raised concerns among data privacy experts about the potential risks of transferring sensitive biometric information to a drug manufacturer. Despite the ownership change, 23andMe's mission to promote preventive health through genetic information remains, though customers' data is now controlled by a biotech company with commercial interests. The transaction reflects broader industry trends of genetic data being a prized asset for pharmaceutical development amid the consumer genomics sector's financial challenges.