06.22.21
23andMe, Inc., a genetics and research company which markets at-home DNA test kits for consumers, announced the closure of its merger with VG Acquisition Corp (NYSE: VGAC), a special purpose acquisition company sponsored by Virgin Group. The transaction, which was approved on June 10 by VG Acquisition Corp. stakeholders, uniquely positions 23andMe to utilize human genetics for the development of personalized healthcare and therapeutic products.
The combined company is called 23andMe Holding Co., and can now be traded on the Nasdaq Global Select Market under the ticker symbol “ME” for Class A Common shares, and “MEUSW” for its public warrants.
23andMe raised approximately $592 million in gross proceeds to fuel growth and expansion in the company’s consumer health and therapeutics business. Capital from the transaction will also be used to invest in the company’s unique genetic and phenotypic database to help accelerate personalized healthcare at scale. Founder and CEO Anne Wojcicki and 23andMe’s management team will continue to lead the combined company.
“23andMe was founded to revolutionize healthcare by empowering people with direct access to their DNA,” Wojcicki said. “Over 11 million people have joined 23andMe and are part of the community that is using genetics to transform how we diagnose, treat, and prevent human disease. As we enter the next phase as a public company, we have the opportunity to expand our impact by bringing personalized healthcare directly to everyone.”
“As one of the earliest investors in 23andMe, I’ve long believed in its vision to transform the future of healthcare,” Sir Richard Branson, founder of Virgin Group, said. “I’ve seen firsthand the transformative impact 23andMe has in paving the way for many more people to be proactive about their health and wellbeing. There are huge growth opportunities ahead, and with Anne and the rest of the incredible management team at the helm, I’m confident they will continue to innovate and disrupt the industry, creating a lasting impact on many people’s lives. We look forward to continuing our partnership as 23andMe begins life as a public company.”
As part of the business combination, Evan Lovell, CIO of Virgin Group and CFO of VG Acquisition Corp., and Peter Taylor, president of ECMC Foundation, a nonprofit corporation dedicated to educational attainment for low-income students and former CFO for University of California system, will join the 23andMe board of directors. Lovell and Taylor will join existing directors Roelof Botha, Patrick Chung, Richard Scheller, Neal Mohan, and Anne Wojcicki on the board.
The combined company is called 23andMe Holding Co., and can now be traded on the Nasdaq Global Select Market under the ticker symbol “ME” for Class A Common shares, and “MEUSW” for its public warrants.
23andMe raised approximately $592 million in gross proceeds to fuel growth and expansion in the company’s consumer health and therapeutics business. Capital from the transaction will also be used to invest in the company’s unique genetic and phenotypic database to help accelerate personalized healthcare at scale. Founder and CEO Anne Wojcicki and 23andMe’s management team will continue to lead the combined company.
“23andMe was founded to revolutionize healthcare by empowering people with direct access to their DNA,” Wojcicki said. “Over 11 million people have joined 23andMe and are part of the community that is using genetics to transform how we diagnose, treat, and prevent human disease. As we enter the next phase as a public company, we have the opportunity to expand our impact by bringing personalized healthcare directly to everyone.”
“As one of the earliest investors in 23andMe, I’ve long believed in its vision to transform the future of healthcare,” Sir Richard Branson, founder of Virgin Group, said. “I’ve seen firsthand the transformative impact 23andMe has in paving the way for many more people to be proactive about their health and wellbeing. There are huge growth opportunities ahead, and with Anne and the rest of the incredible management team at the helm, I’m confident they will continue to innovate and disrupt the industry, creating a lasting impact on many people’s lives. We look forward to continuing our partnership as 23andMe begins life as a public company.”
As part of the business combination, Evan Lovell, CIO of Virgin Group and CFO of VG Acquisition Corp., and Peter Taylor, president of ECMC Foundation, a nonprofit corporation dedicated to educational attainment for low-income students and former CFO for University of California system, will join the 23andMe board of directors. Lovell and Taylor will join existing directors Roelof Botha, Patrick Chung, Richard Scheller, Neal Mohan, and Anne Wojcicki on the board.
