Bankrupt DNA testing firm 23andMe to be purchased for $256m

Drugmaker Regeneron Pharmaceuticals' capture of genetic testing firm in bankruptcy auction raises privacy concerns

The drugmaker Regeneron Pharmaceuticals has agreed to buy the genetic testing firm 23andMe Holding for $256m through a bankruptcy auction, the companies announced on Monday.

Regeneron said it will comply with 23andMe's privacy policies and applicable laws with respect to the use of customer data and that it is ready to detail its intended use of the data to a court-appointed overseer. The companies expect to close the deal in the third quarter.