US EditionGenetic testing firm 23andMe files for bankruptcy
- 23andMe has filed for Chapter 11 bankruptcy protection to explore a court-supervised sale due to significant financial distress.
- CEO Anne Wojcicki resigned following multiple failed takeover attempts, which included an offer that was significantly lower than previous bids.
- The firm's value has decreased from $3.5 billion in 2021 to about $50 million, and it faces liabilities between $100-500 million.
- 23andMe cut 40% of its workforce and ceased development on therapies under a restructuring announced in November.
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Genetic testing company 23andMe files for bankruptcy as CEO and co-founder resigns
The bankruptcy protection filing will now allow the company to be sold, along with all of its assets, in a reorganization plan that's overseen by courts. Wojcicki is expected to bid on the company.
·Washington, United States
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23andMe Files for Bankruptcy, Faced One Big Problem
DNA testing firm 23andMe filed for bankruptcy protection Sunday night after years of struggling to find a profitable business model. The company's stock, which peaked at over $300 in early 2021, plummeted around 50% to below $1 in trading Monday morning. The company said CEO and co-founder Anne Wojcicki had...
·Miami, United States
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Total News Sources412
Leaning Left67Leaning Right34Center164Last UpdatedBias Distribution62% Center
Bias Distribution
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62% Center
L 25%
C 62%
13%
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