23andMe is a California based biotech and genomics company that is known for its DNA testing kits, sold directly to consumers. These saliva-based testing kits allow customers to discover potential health-related genetic predispositions and information about personal ancestry.
The company has announced it will go public via a merger with Richard Branson’s SPAC, VG Acquisition Corp (VGAC), in a deal valued at $3.5 billion. 23andMe will get $759 million as proceeds, including $250 million in private investments. Of this, $25 million each are individually raised by co-founder and CEO Anne Wojcicki and Virgin Group founder Sir Richard Branson.
Wojcicki claims that people became increasingly interested in preventative healthcare during the Covid-19 pandemic. The inflow of cash will be used to intensify the development of new products and expanding customer outreach.
The merged entity will be listed under the symbol “ME” on the NYSE.