Anne Wojcicki attends the WSJ Journal Fashion & Tech Dinner in Atherton, California, on March 15, 2023.
Kelly Sullivan | Getty Photographs Leisure | Getty Photographs
23andMe CEO Anne Wojcicki and New Mountain Capital have submitted a proposal to take the embattled genetic testing firm non-public, in accordance with a Friday submitting with the U.S. Securities and Trade Fee.
Wojcicki and New Mountain have supplied to accumulate all of 23andMe’s excellent shares in money for $2.53 per share, or an fairness worth of roughly $74.7 million. The corporate’s inventory closed at $2.42 on Friday with a market cap of about $65 million.
The provide comes after a turbulent yr for 23andMe, with the inventory shedding greater than 80% of its worth in 2024. In January, the corporate introduced plans to discover strategic options, which may embody a sale of the corporate or its property, a restructuring or a enterprise mixture.
23andMe has a particular committee of unbiased administrators in place to guage potential paths ahead. The corporate appointed three new unbiased administrators to its board in October in any case seven of its earlier administrators abruptly resigned the prior month. The particular committee has to approve Wojcicki and New Mountain’s proposal.
“We imagine that our Proposal supplies compelling worth and speedy liquidity to the Firm’s public stockholders,” Wojcicki and Matthew Holt, managing director and president of personal fairness at New Mountain, wrote in a letter to the particular committee on Thursday.
Wojcicki beforehand submitted a proposal to take the corporate non-public for 40 cents per share in July, but it surely was rejected by the particular committee, partly as a result of the members mentioned it lacked dedicated financing and didn’t present a premium to the closing worth on the time.
Wojcicki and New Mountain are keen to supply secured debt financing to fund 23andMe’s operations by the transaction’s closing, the submitting mentioned. New Mountain relies in New York and has $55 billion of property beneath administration, in accordance with its web site.
23andMe declined to remark.
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