Genetic testing firm 23andMe files for bankruptcy

Core Viewpoint - 23andMe, a US genetic testing company, has filed for bankruptcy and is seeking a buyer after rejecting a takeover offer from its resigning CEO [1][3]. Company Overview - 23andMe offers a mail-back saliva test for ancestry and health-related genetic traits for under $200 [2]. - The company has approximately 15 million customers [4]. Financial and Operational Challenges - The company has experienced a decline in sales in recent months [4]. - 23andMe has agreed to pay around$37.5 million to settle claims related to a data breach that occurred in 2023 [4]. - In response to financial difficulties, the company announced the dismissal of 40% of its staff, approximately 200 employees, and suspended its research programs [4]. Leadership Changes - Co-founder and CEO Anne Wojcicki has resigned but will remain on the board of directors [3]. - Wojcicki expressed disappointment over the rejection of her takeover bid but intends to pursue the company as an independent bidder [3].