23andMe to Merge with Virgin Group's VG Acquisition Corp. to Become Publicly-Traded Company Set to Revolutionize Personalized Healthcare and Therapeutic Development through Human Genetics.
- 23andMe is a leading consumer genetics and research company that offers a personalized health and wellness experience, and has built a premier genetic database to unlock insights leading to the rapid discovery of promising new targets for drug development
- Transaction will provide the capital to fund additional investment in key growth initiatives across 23andMe's consumer health and therapeutics businesses
- The transaction will value the outstanding shares of capital stock of 23andMe at an aggregate enterprise value of approximately $3.5 billion
- 23andMe CEO and Co-Founder Anne Wojcicki and Virgin Group's Sir Richard Branson are each investing $25 million into the $250 million PIPE and are joined by leading institutional investors including Fidelity Management & Research Company LLC, Altimeter Capital, Casdin Capital and Foresite Capital
- The pro forma cash balance of the combined company will exceed $900 million at closing
Completion of the transaction, estimated in the second calendar quarter of 2021.
23andMe is the only consumer genetic testing company with multiple FDA clearances for over-the-counter health and carrier status reports.
23andMe's existing equity holders will roll 100% of their equity into the combined company. Assuming no public shareholders of VG Acquisition Corp. exercise their redemption rights, 23andMe will be capitalized with up to $984 million in cash to fund operations and support new and existing growth initiatives.
finance.yahoo.com/ne...ps-vg-120500274.html
- 23andMe is a leading consumer genetics and research company that offers a personalized health and wellness experience, and has built a premier genetic database to unlock insights leading to the rapid discovery of promising new targets for drug development
- Transaction will provide the capital to fund additional investment in key growth initiatives across 23andMe's consumer health and therapeutics businesses
- The transaction will value the outstanding shares of capital stock of 23andMe at an aggregate enterprise value of approximately $3.5 billion
- 23andMe CEO and Co-Founder Anne Wojcicki and Virgin Group's Sir Richard Branson are each investing $25 million into the $250 million PIPE and are joined by leading institutional investors including Fidelity Management & Research Company LLC, Altimeter Capital, Casdin Capital and Foresite Capital
- The pro forma cash balance of the combined company will exceed $900 million at closing
Completion of the transaction, estimated in the second calendar quarter of 2021.
23andMe is the only consumer genetic testing company with multiple FDA clearances for over-the-counter health and carrier status reports.
23andMe's existing equity holders will roll 100% of their equity into the combined company. Assuming no public shareholders of VG Acquisition Corp. exercise their redemption rights, 23andMe will be capitalized with up to $984 million in cash to fund operations and support new and existing growth initiatives.
finance.yahoo.com/ne...ps-vg-120500274.html