The insolvent genetic testing company 23andMe informed a U.S. bankruptcy judge on Wednesday that it intends to restart asset bidding procedures following a $305 million proposal from its co-founder Anne Wojcicki.
The bankruptcy auction which concluded in May resulted in 23andMe selecting Regeneron Pharmaceuticals' $256 million bid as the top offer.
A subsequent proposal from TTAM Research Institute which Anne Wojcicki established as a nonprofit enabled 23andMe to request permission from U.S. Bankruptcy Judge Brian Walsh in St. Louis to resume discussions with prospective buyers after confirming TTAM's financial capability to support its superior bid.
According to attorney Emil Kleinhaus Regeneron will submit another bid for 23andMe's assets with the condition that they receive a $10 million breakup fee should Wojcicki's offer succeed. Kleinhaus stated that Regeneron maintains its desire to purchase 23andMe but finds it unjust that the genetic testing company requested another auction opportunity following the previous bidding process.