New York-based Regeneron said it had been named the successful bidder in the bankruptcy auction for 23andMe, which has struggled with falling sales following a 2023 data breach that saw nearly seven million accounts affected.

Regeneron CEO George Yancopoulos described his enterprise as "a science-driven, patient-focused biotechnology company that understands the power of genetic research to improve the lives of individuals," adding that the transaction will further "efforts to use large-scale genetics research to improve the way society treats and prevents illness overall."

The companies said in a joint press release that Regeneron will detail its data safeguarding programs for a review by a court-appointed privacy ombudsman.

Silicon Valley-based 23andMe, which went public in 2021 and was once valued at some $6 billion, sells a mail-back saliva test to determine ancestry or certain health-related genetic traits for less than $200.

At its height a few years ago, the DNA testing craze saw millions of consumers rushing to discover their ancestry and health information with tests from 23andMe becoming popular holiday gifts.

But the company filed for Chapter 11 bankruptcy protection in March 2025. 23andMe said at the time it rejected a takeover offer from its co-founder and former CEO Anne Wojcicki.

The Regeneron transaction must be approved by a US bankruptcy court, which has scheduled a hearing for June 17. The transaction is expected to close in the third quarter.