Archive — US — techcrunch
Pharma giant Regeneron to buy 23andMe and its customers’ data for $256M
Pharma giant Regeneron will acquire genetic testing firm 23andMe for $256 million, obtaining access to personal and genetic data of 15 million customers to aid drug discovery. This follows 23andMe's bankruptcy due to a significant data breach and declining interest in its DNA tests. The deal will prioritize data privacy and compliance, with a court review scheduled for June 17.
Key points
- Regeneron announced acquisition of 23andMe for $256 million.
- 23andMe is facing bankruptcy following a data breach impacting 7 million customers.
- Acquisition includes access to 15 million customers' genetic data for drug discovery.
- Regeneron pledges to prioritize data privacy and security.
- 23andMe's founder resigned due to company issues.
- Bankruptcy court to review acquisition on June 17.
Why it matters
- The acquisition highlights ongoing trends in the biotech industry merging data and genomics for drug development.
- Concerns of ethical data use are amplified by previous high-profile data breaches in tech companies.
- Regeneron’s focus on secure, ethical data use aligns with current IT trends prioritizing data privacy legislation.
Regeneron's acquisition of 23andMe underscores the significance of data in modern drug development, while emphasizing the need for stringent ethical standards and privacy protections following recent data breaches.