(Bloomberg) – According to the company's attorneys, multiple bidders may submit quotes about DNA databases and other assets of bankrupt genetic testing company 23andMe.
Attorney Christopher Hopkins said in a court hearing Tuesday that while 23andMe could not find binding bidders willing to make binding proposals, the company hopes the company will be auctioned for the “strong” interests it has gained so far. He tells us bankruptcy judge Brian C.
The company negotiated a binding open offer with potential buyers, but despite the lack of communication on how customer data is processed as part of the sale.
A privacy ombudsman has been nominated to monitor the process to ensure compliance with the privacy policies related to genetic material submitted by millions of customers. The material and the genetic data it generates are 23andme's most valuable assets. The company said any buyer must comply with current privacy protections and federal regulations.
In the months leading up to the bankruptcy filing in March, 23AndMe tried to attract buyers while working to end class action lawsuits related to the 2023 data breach, which gave hackers access to customer information. The company will try to resolve these claims as part of the bankruptcy.
The case is 25-40976, U.S. Bankruptcy Court, 23andMe Holding Co., Ltd., in the eastern region of Missouri.
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