23andMe Holding Co. (ME, Financials) announced that its board's Special Committee is reviewing strategic alternatives, including a potential sale, business combination, asset sales, restructuring, or other options, the company said in a statement.
To help with the review, the independent Special Committee has assigned Moelis & Company LLC as financial adviser and Goodwin Procter LLP as legal counsel. The business advised that there is no assurance the procedure would result in an agreement or transaction.
The news comes after a major reorganization in November 2024 when 23andMe closed its medicines branch to simplify operations and save expenses by around 40% and trimmed its personnel by about 40% With the corporation suffering up to $12 million in severance and associated expenses, the reorganization was projected to provide yearly cost savings of more than $35 million.
CEO Anne Wojcicki noted at the time that the action was required to concentrate on the long-term viability of the consumer side of the firm and research collaborations. For its internal medicines initiatives, the business has started looking for strategic substitutes including possible asset sales or licencing deals.
Unless a clear agreement is achieved or legal disclosure is mandated, 23andMe does not intend to provide any updates on its strategic review.
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