Fierce Biotech April 18, 2024
23andMe’s co-founder and CEO Anne Wojcicki has put in motion a plan to take the company private after the stock value of the DNA testing provider has collapsed by more than 97% since its multibillion-dollar market debut just three years ago.
According to the company, its board of directors was already exploring various strategic alternatives for the future of the business, including forming a special committee in late March. It said the committee would review the proposal when an offer is officially made.
Currently, Wojcicki, who also sits as chair of the board, holds 49.99% of the voting power over the company—control she said she plans to use to dramatically limit that list of potential alternatives to one: hers. According...
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