Regeneron Pharmaceuticals plans to purchase 23andMe for $256 million after the genetic testing company filed for bankruptcy due to revenue issues and security concerns over genetic data. The acquisition, subject to bankruptcy court and regulatory approval, will allow Regeneron to continue 23andMe's consumer DNA testing services while ensuring compliance with privacy policies. The deal entails measures to safeguard the sensitive genetic information of millions of customers, particularly in light of past data security breaches. Regeneron reassured that personal data will only be used appropriately and with customer consent, maintaining privacy standards.
23andMe, once valued at $6 billion, filed for bankruptcy and is set to be acquired by Regeneron Pharmaceuticals for $256 million, signaling a major shift in the consumer genetic testing market.
Regeneron Pharmaceuticals confirms its commitment to uphold the privacy policies of 23andMe, ensuring that customer genetic data will not be misused and will only be shared under appropriate consent.
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