23andMe files for Chapter 11

Embattled genetic testing company 23andMe , once valued at $6 billion, has filed for Chapter 11 bankruptcy in Missouri federal court as it seeks to sell its assets through a court-supervised process. The company will continue operating during the proceedings and has secured $35 million in DIP financing from JMB Capital Partners.

Anne Wojcicki has stepped down as CEO effective immediately but will remain on the board. Joseph Selsavage, the company’s CFO, has been appointed interim CEO.

As part of the restructuring, 23andMe plans to reduce costs by rejecting certain contracts, including office leases in Sunnyvale and San Francisco, and address legal liabilities from a 2023 cyber incident. The company stated that customer data management remains unchanged, and any buyer must comply with applicable privacy laws.

The filing comes after the board rejected a non-binding acquisition proposal from Wojcicki and her affiliates earlier this month.

Separately, Manulife has partnered with Personalized Prescribing to offer pharmacogenetic testing to eligible group benefits members, aiming to improve medication outcomes through DNA-based insights.