23andMe Acquired for Fraction of One-Time Value Free

Tarrytown, NY–based drugmaker Regeneron Pharmaceuticals announced today it will buy 23andMe, the bankrupt genetic testing company once valued at $6 billion, for $256 million. Regeneron will acquire all 23andMe assets, including its genetic testing line of business and its research arm, the latter of which uses customers’ genetic data to develop new therapeutics. Regeneron also agreed to comply with 23andMe’s privacy policy. The deal is still subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri, but the transaction is expected to close in the third quarter of this year.