(Bloomberg) -- 23andMe Holding Co. Chief Executive Officer Anne Wojcicki has offered to take the struggling DNA-testing company private.
Wojcicki on July 29 proposed buying the outstanding shares of 23andMe for 40 cents each in cash, according to a filing on Wednesday. That’s in line with the stock’s last closing price. 23andMe has a market value of about $200 million.
When the company agreed to go public in 2021, it was valued at $3.5 billion. Since then, sales of DNA testing kits have slowed and the company has pivoted to offering subscription products in hopes of creating repeat customers for its consumer business. So far that business hasn’t generated the numbers of sign-ups the company had initially anticipated. The stock has traded below $1 a share since late last year.
23andMe declined to comment. Independent representatives for Wojcicki didn’t immediately respond to a request for comment.
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