Struggling 23andMe Is Exploring Splitting the DNA Company In Two

In a recent interview with Bloomberg, 23andMe CEO Anne Wojcicki said the company was considering splitting its consumer and therapeutics businesses in an effort to boost its stock price and maintain its listing. From a report: Bloomberg noted that the stock has lost more than 90% of its value since the company went public in 2021 through a SPAC merger. Bloomberg said the therapeutics business could be an attractive asset for a larger healthcare company. The business currently has two drug candidates in clinical trials and just received approval to commence testing for a third. The company's DNA database of more than 14 million customers is one of the world's largest. Currently, 23andMe derives most of its revenue from its consumer business, Bloomberg added. 23andMe's stock has been trading below $1 since December, hurt by revelations that hackers were able to access the personal information of around 50% of its subscribers. The company is also facing mounting litigation over the incident. The company is expected to release its Q4 earnings report after market close on Wednesday.

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