Fact Check: Regeneron Pharmaceuticals initially announced a bid of $256 million for most of 23andMe’s assets before TTAM submitted a higher bid.

Fact Check: "Regeneron Pharmaceuticals initially announced a bid of $256 million for most of 23andMe’s assets before TTAM submitted a higher bid."

What We Know

Regeneron Pharmaceuticals announced its intention to acquire most of 23andMe's assets for $256 million on May 19, 2025, as part of a court-approved reorganization plan following 23andMe's Chapter 11 bankruptcy filing (AP News). This announcement came after 23andMe indicated it was seeking to sell “substantially all of its assets” due to ongoing financial struggles and a lack of a profitable business model since its public listing in 2021 (AP News).

Subsequently, a nonprofit organization led by Anne Wojcicki, the co-founder and former CEO of 23andMe, submitted a higher bid of $305 million through the TTAM Research Institute (CNN). This bidding war culminated in TTAM winning the acquisition, which was confirmed on June 13, 2025 (Globe Newswire).

Analysis

The claim that Regeneron Pharmaceuticals initially announced a bid of $256 million for 23andMe's assets is substantiated by multiple credible sources. The AP News article explicitly states that Regeneron made this bid as part of the bankruptcy auction process (AP News). Furthermore, the Wall Street Journal corroborates that Regeneron did not raise its bid after assessing 23andMe's remaining value, which indicates that the $256 million bid was indeed the initial offer (WSJ).

The subsequent bid by TTAM for $305 million is also well-documented, with sources like CNN and Reuters confirming that this bid surpassed Regeneron's initial offer (CNN, Reuters). The transition from Regeneron's bid to TTAM's higher offer illustrates a competitive bidding process, which is common in bankruptcy sales.

Regarding source reliability, the AP News, CNN, and Reuters are established news organizations known for their journalistic integrity and fact-checking processes. The Wall Street Journal is also a reputable source, particularly in financial and business reporting. These sources provide a solid foundation for the claims made in this fact-check.

Conclusion

The claim that "Regeneron Pharmaceuticals initially announced a bid of $256 million for most of 23andMe’s assets before TTAM submitted a higher bid" is True. The evidence from multiple credible sources confirms that Regeneron made this bid prior to TTAM's higher offer, reflecting the competitive nature of the acquisition process during 23andMe's bankruptcy proceedings.

Sources

1. Biotechnology company Regeneron buying 23andMe for $256 million
2. 23andMe seeks new bids after $305 million offer from its co-founder
3. Anne Wojcicki's nonprofit wins bid to acquire genetic testing company
4. 23andMe Reaches Agreement for Sale of Business to TTAM
5. Anne Wojcicki to buy back 23andMe and its data for $305 million
6. Regeneron Enters into Asset Purchase Agreement to Acquire 23andMe for $256 Million
7. Anne Wojcicki Wins Bidding for 23andMe
8. 23andMe Reaches Agreement for Sale of Business to TTAM