One major player in the genetic testing world, 23andMe, has made a significant move. They sold their massive genetic data bank to a drug company, Regeneron Pharmaceuticals. The deal is worth 256 million dollars. This data bank holds genetic information from around 15 million people. The sale happened after many customers and government officials raised concerns. They wanted to make sure 23andMe was protecting the genetic data they had collected over the years from saliva samples.

Regeneron has promised to follow 23andMe’s privacy rules. Customers can ask to have their personal information removed. This is a big deal because genetic data is very sensitive. It can reveal a lot about a person’s health and family history. So, it’s important that companies handle it with care. Regeneron has experience with large amounts of data. They have a good track record of keeping genetic data safe and using it for scientific discoveries. This is good news for customers. Their data could help advance science and benefit society.

23andMe filed for bankruptcy in March. They struggled to make enough profit from their genetic testing services. About 550, 000 people subscribed to their main services. This was not enough to keep the company going. One of their services, Lemonaid Health, will be shut down. It was not included in the sale to Regeneron. During the bankruptcy process, a judge appointed a privacy watchdog. This person will make sure the sale follows privacy rules and protects customer data. The genetic material and data are 23andMe’s most valuable asset. Any buyer must follow current privacy laws and federal rules. The sale still needs the judge’s approval to go through.

Before filing for bankruptcy, 23andMe tried to find a buyer. They also faced a lawsuit over a data breach in 2023. Hackers got access to customer information. The company will try to settle these claims as part of the bankruptcy. Regeneron plans to keep running 23andMe’s personal genomic services after the sale. This means customers might not notice a big change. Their genetic data will still be used for research and health insights. It’s a big shift for 23andMe. But it could lead to better data protection and more scientific discoveries. It’s a reminder that genetic data is powerful. Companies need to handle it responsibly. Customers should also be aware of how their data is used. It’s a complex issue, but it’s important to stay informed.

BANKRUPTCY OF 23ANDME

A Giant Leap in Genetic Data Protection

Continue reading...