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Rewiring
23andMe Saved From Collapse After CEO Floats Private Takeover
DNA-testing company 23andMe soared in the early cash session in New York on news that Anne Wojcicki, the CEO, plans to take the struggling company private after three years on the public markets. The company once sported a $6 billion valuation and has since collapsed to $235 million.
Wojcicki's big announcement was made in a public filing late Wednesday. The filing stated that she "is considering making a proposal to acquire all of the outstanding shares of 23andMe."
The filing noted that she would reject any other buyer taking over the company. Her ownership stake is around 20% of the total outstanding shares. This means she controls 49.99% of the company's voting power, making it impossible for anyone to purchase the human genetics and biopharmaceutical company.