Anne Wojcicki new offer to take 23andMe private for $74.7 million

23andme CEO Anne Wojcicki and New Mountain Capital have submitted a proposal to take the controversial genetic check firm personal, in accordance with a Friday utility on the US Securities and Trade Fee.

Wojcicki and New Mountain have supplied to accumulate all excellent shares of 23andMe in money for $ 2.53 per share, or a inventory worth of round $ 74.7 million. The corporate’s share closed on Friday at $ 2.42 with a market capitalization of round $ 65 million.

The supply comes for 23andme after a turbulent 12 months, with the share dropping greater than 80% of its worth in 2024. In January the corporate introduced plans to discover strategic alternate options, together with a sale of the corporate or its belongings, a restructuring or a enterprise mixture.

23andme has a particular committee of impartial administrators to guage potential paths forward. The corporate appointed three new impartial administrators in October in October in any case seven earlier drivers have abruptly bought the earlier month. The particular committee should approve Wojcicki and New Mountain’s proposal.

“We consider that our proposal presents compelling worth and quick liquidity to the general public shareholders of the corporate,” Wojcicki and Matthew Holt, director and president of Personal Fairness at New Mountain, wrote on Thursday in a letter to the particular committee.

Wojcicki beforehand had a proposal to take the corporate 40 cents per share in July, but it surely was rejected by the particular committee, partly as a result of the members mentioned.

Wojcicki and New Mountain are prepared to supply safe debt financing to finance the actions of 23andme by closing the transaction, in accordance with the submission. New Mountain is situated in New York and, in accordance with its web site, has managed $ 55 billion in belongings.

23andMe refused to remark.

WATCH: The rise and reduce of 23andme