In March 2025, 23andMe filed for Chapter 11 bankruptcy protection, announcing it would continue operating while seeking a buyer.
“After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business,” chair Mark Jensen said in a press release. It will “advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities.”
Wojcicki resigned as CEO, effective immediately, but remained on the board. CFO Joe Selsavage took over as interim CEO. The company’s stock fell about 50% on the news.
“While I am disappointed that we have come to this conclusion and my bid was rejected, I am supportive of the company and I intend to be a bidder,” Wojcicki wrote on X. “I have resigned as CEO of the company so I can be in the best position to pursue the company as an independent bidder.”
“We have had many successes but I equally take accountability for the challenges we have today,” her post continued. “There is no doubt that the challenges faced by 23andMe through an evolving business model have been real, but my belief in the company and its future is unwavering.”
In May 2025, Regeneron announced it was buying 23andMe’s assets after winning a bankruptcy auction for $256 million.
“We believe we can help 23andMe deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron’s efforts to improve the health and wellness of many,” said Regeneron cofounder and president George Yancopoulos in a press release.
The company promised to “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.”
