Regeneron Buys Bankrupt 23andMe for $256 Million Amid Privacy Concerns

23andMe, a once prominent genetic testing company, filed for bankruptcy following financial struggles and a significant data breach affecting nearly 7 million users. The company announced CEO Anne Wojcicki's resignation and a 40% workforce reduction amid efforts to restructure and find a buyer, with Chief Financial Officer Joe Selsavage stepping in as interim CEO. Regeneron Pharmaceuticals agreed to purchase 23andMe’s health and research services in a $256 million deal, sparking concerns about the handling of sensitive genetic data despite Regeneron's promises to uphold existing privacy policies. Privacy advocates remain wary, citing fears that consumer consent was not originally given for such a sale and emphasizing the need for strong federal data protections. The data breach led to a $30 million settlement, with affected customers eligible for compensation, highlighting ongoing vulnerabilities in genetic data security. The sale and bankruptcy proceedings are subject to court oversight to ensure compliance with privacy commitments and to protect consumer interests.