Goodwin’s M&A and Financial Restructuring teams advised the Special Committee of the Board of Directors of 23andMe Holding Co. (“23andMe”) in its strategic efforts to maximize value that resulted in 23andMe’s selection of Regeneron at an auction to acquire substantially all of 23andMe’s assets in its ongoing chapter 11 case. The agreement with Regeneron includes its commitment to comply with 23andMe’s privacy policies and applicable law, process all customer personal data in accordance with the consents, privacy policies and statements, terms of service, and notices currently in effect and have security controls in place designed to protect such data. Under the terms of the agreement, Regeneron will acquire substantially all of the assets of 23andMe, including the Personal Genome Service (PGS), Total Health and Research Services business lines, for a purchase price of $256 million.
The definitive agreement follows the auction’s completion on May 16, 2025 as part of 23andMe’s court-supervised sale process in its ongoing chapter 11 case. The proposed transaction remains subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri (the “Court"), approval under the Hart-Scott-Rodino Act and customary closing conditions. A Court hearing to consider approval of the transaction is currently scheduled for June 17, 2025, and the transaction is expected to close in the third quarter of 2025.
23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future.
The Goodwin team was led by Stuart Cable, Robert Lemons, Lisa Haddad, Deborah Birnbach, Deborah Hoehne, Jennifer Chunias, and Emily Unger.
For more information on the deal, please read the press release.