23andMe Is Going Public As It Pushes Further Into Healthcare
23andMe is becoming a publicly-traded company through a merger with Virgin's VG Acquisition. Engadget reports: The deal values 23andMe at about $3.5 billion and should give the company the finances it wants to boost its personal healthcare and therapeutics plans. It should have over $900 million in cash, for instance. The merger is expected to close in the second quarter of 2021 and will have private $25 million investments from both 23andMe chief Anne Wojcicki and Virgin's Sir Richard Branson. While 23andMe didn't say much about how its strategy might change by going public, it was keen to promote its contributions to genetic research and its involvement in therapeutic programs for conditions like cardiovascular disease and respiratory issues. As Sir Branson suggested, the public offering could help 23andMe "revolutionize" personalized medicine.
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