Anne Wojcicki new provide to take 23andMe non-public for $74.7 million

23andMe CEO Anne Wojcicki and New Mountain Capital have submitted a proposal to take the embattled genetic testing firm non-public, in response to 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 dropping greater than 80% of its worth in 2024. In January, the corporate introduced plans to discover strategic options, which might embrace a sale of the corporate or its property, a restructuring or a enterprise mixture. 

23andMe has a particular committee of impartial administrators in place to judge potential paths ahead. The corporate appointed three new impartial administrators to its board in October in spite of everything seven of its earlier administrators abruptly resigned the prior month. The particular committee has to approve Wojcicki and New Mountain’s proposal.

“We consider that our Proposal offers compelling worth and rapid 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, nevertheless it was rejected by the particular committee, partially as a result of the members stated it lacked dedicated financing and didn’t present a premium to the closing value on the time.

Wojcicki and New Mountain are keen to supply secured debt financing to fund 23andMe’s operations by means of the transaction’s closing, the submitting stated. New Mountain relies in New York and has $55 billion of property below administration, in response to its web site.

23andMe declined to remark.

WATCH: The rise and fall of 23andMe