Genetic testing firm 23andMe is set to be acquired by drug company Regeneron Pharmaceuticals following its bankruptcy in March, the companies announced on Monday, May 19.
Regeneron purchased the pioneering company for $256 million at bankruptcy auction with the intent of using its genomic data to fuel drug discovery, the company said in a Monday statement.
More importantly to consumers who have privacy concerns during the proceedings, the pharmaceutical company promised to adhere to 23andMe's existing privacy policy, saying it will "prioritize the privacy, security and ethical use of 23andMe’s customer data."
"As a world leader in human genetics, Regeneron Genetics Center is committed to and has a proven track record of safeguarding the genetic data of people across the globe, and, with their consent, using this data to pursue discoveries that benefit science and society," Aris Baras, senior vice president and head of the Regeneron Genetics Center, said in a statement.
23andMe will continue to operate as a personal genomics service, which initially gained notoriety as the first company that enabled customers to submit DNA via a home swab and receive a digital map of their ancestry in return.
