Home » Business » DNA-testing company 23andMe goes public in $3.5 billion deal via Richard Branson-backed SPAC
DNA-testing company 23andMe goes public in $3.5 billion deal via Richard Branson-backed SPAC
23andMe under fire over breast cancer screening test
Fox News medical correspondent Dr. Marc Siegel on 23andMe under fire for false-negative results in its breast cancer screening test and Sen. Mitch McConnell introducing a bill to raise the legal tobacco age to 21.
DNA-testing company 23andMe is going public via a deal to merge with billionaire Richard Branson’s special purpose acquisition corporation (SPAC) Virgin Group. The deal values 23andMe at $3.5 billion, the companies announced Thursday.
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23andMe will acquire $759 million of gross proceeds and $250 million from investors such as Branson, 23andMe CEO and co-founder Anne Wojcicki (each of whom is investing $25 million) and leading investors including funds managed by Fidelity Management & Research Company LLC, Altimeter Capital, Casdin Capital and Foresite Capital. The company will change its ticker symbol to “ME” and trade on the New York Stock Exchange when the deal closes.