Regeneron Pharmaceuticals announced it has been "named the successful bidder" in the defunct 23andMe's bankruptcy auction. It will acquire 23andMe's core business lines—including Personal Genome Service, Total Health and Research Services, and Biobank—for $256 million.

New York-based Regeneron revealed that the $256 million deal to acquire 23andMe's gigantic pool of genetic data (estimated to include 15 million people) will close by the third quarter of this year. 

"Regeneron was one of the first biotech companies to bet its future on the power of DNA, fueling our drug discovery efforts so as to deliver some of the world's leading and most innovative medicines, including treatments to prevent blindness, for allergic diseases from asthma to atopic dermatitis, for several forms of cancer, and even for Ebola and COVID-19," stated George D. Yancopoulos, M.D. Ph.D., co-founder, Board co-chair, President, and Chief Scientific Officer of Regeneron. 

Yancopoulos said, "We have deep experience with large-scale data management, having worked with collaborators around the world to link deidentified DNA sequences from nearly three million consented participants to electronic health records, safely and securely enabling future medical advances. We believe we can help 23andMe deliver and build upon its mission to help those interested in learning about their own DNA and how to improve their personal health, while furthering Regeneron's efforts to use large-scale genetics research to improve the way society treats and prevents illness overall."

Regeneron emphasized it will "prioritize the privacy, security and ethical use of 23andMe's customer data; stands ready to work with independent, court-appointed Customer Privacy Ombudsman." 

23andMe's bankruptcy sparked massive concerns over the potential exploitation of Americans' genetic data, including fears that foreign entities might gain access through the auction process. However, U.S. government officials reassured the public that the genetic pool of 15 million individuals would be safeguarded and not fall into the hands of foreign adversaries. 

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The key takeaway: Think twice before handing over your genetic data to private companies