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23andMe Is Sinking Fast. Can the Company Survive?

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The home DNA testing boom is over, and 23andMe is running out of options.

In August, the company shuttered its in-house drug discovery unit. And last month, all of the company’s board of directors resigned en masse over cofounder and CEO Anne Wojcicki’s “strategic direction,” which included a proposal to take the company private at 40 cents per share. Wojcicki had said she would consider third-party takeover offers but reversed course in a regulatory filing this week.

It partnered with Genentech back in 2015, and when that ended, it struck an exclusive deal with GlaxoSmithKline in 2018. The pharma company invested $300 million in 23andMe, but that agreement expired in 2023, with no big partners stepping in to fill Glaxo’s shoes. And while 23andMe recently shut down its drug discovery unit, it is continuing to advance the drug candidates it already has in clinical trials. Now, the company has turned to growing its telehealth business.

 

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