Regeneron Pharmaceuticals Inc. has agreed to acquire 23andMe Holding Co., a DNA-testing firm, for $256 million. This announcement was made in a statement on Monday. The acquisition follows 23andMe’s recent filing for Chapter 11 bankruptcy protection and includes all of the company’s assets, notably its database of genetic information from over 15 million individuals.
Commitment to Privacy
Regeneron plans to continue operating 23andMe as usual and has committed to upholding its privacy protections. However, some experts have expressed concerns regarding the potential use of customer data in future research projects, despite Regeneron’s assurances. Dr. Robert Green, director of the Genomes2People Research Program at Harvard Medical School, stated, “It is unclear whether this will change under new ownership.”
Consumer Safety Concerns
California Attorney General Rob Bonta previously urged Californians to delete their genetic data due to concerns over consumer safety and security, particularly after reports of 23andMe’s financial struggles. In April, Bonta sent letters to consumers warning about the risks associated with direct-to-consumer genetic testing services, such as those offered by 23andMe. He highlighted that sensitive health information could be misused by employers or insurers if it falls into unauthorized hands or is compromised by cyber thieves.
Bonta also raised concerns about the adherence of such companies to best practices for protecting consumer data from unauthorized access or misuse. He noted that there are no federal regulations mandating these protections, except for those related to the Health Insurance Portability and Accountability Act (HIPAA), which applies only when services are provided directly by healthcare providers rather than through third-party vendors.
Market Reaction
Following the announcement, Regeneron shares rose by less than half a percent in premarket trading, while shares of Alphabet Inc.’s Verily Life Sciences unit fell by about one percent.
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