Anne Wojcicki New offer for 23Andme privately for 74.7 million US dollars

Anne Wojcicki takes part in WSJ Magazine Style & Tech Dinner in Atherton, California, on March 15, 2023.

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23andme According to a submission of the US Securities and Exchange Commission, CEO Anne Wojcicki and New Mountain Capital submitted a proposal for private setting the competitive gene test test privately.

Wojcicki and New Mountain have offered to acquire all outstanding cash shares of 23 and outstanding shares of $ 2.53 per share or an equity value of approx. $ 74.7 million. The company's share closed on Friday at $ 2.42 with a market capitalization of around 65 million US dollars.

The offer takes place after a turbulent year for 23Andme, with the share lost more than 80% of its value in 2024. In January, the company announced plans to explore strategic alternatives that could include a sale of the company or its assets, a restructuring or a business combination.

23Andme has a special committee for independent directors to evaluate potential paths forward. In October, the company appointed three new independent directors to his Board of Directors after all seven former directors had left abruptly in the previous month. The special committee has to approve Wojcicki and New Mountain's proposal.

“We believe that our proposal offers the public shareholders of the company convincing value and immediate liquidity”, wrote Wojcicki and Matthew Holt, managing director and president of private equity at New Mountain, in a letter to the special committee on Thursday.

Wojcicki previously submitted a proposal to take over the company privately for 40 cents per share in July, but it was rejected by the special committee, partly because the members provided.

Wojcicki and New Mountain are ready to enable secure debt financing to finance 23Ande activities by closing the transaction, the submission said. New Mountain is based in New York and, according to his website, has 55 billion US dollars in assets.

23Andme refused to comment.

REGARD: The increase and fall of 23andme