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Genetic data was on the auction block, and a U.S. biotech company ponied up the cash. New York-based Regeneron Pharmaceuticals announced on Monday that it has purchased DNA testing company 23andMe through a bankruptcy auction for a total of $256 million. The deal includes most of the company’s assets, including, notably, user and customer data. Regenerons announcement emphasizes that the company will comply with existing privacy laws and 23andMe’s policies, which were conditions of the sale. Privacy experts have said that any such sale presents special challenges given the sensitive nature of the genetic data that 23andMe collects. The agreement includes Regenerons commitment to comply with the Companys privacy policies and applicable law, process all customer personal data in accordance with the consents, privacy policies and statements, terms of service, and notices currently in effect and have security controls in place designed to protect such data, the announcement reads. Regeneron says that 23andMe required any bidders to guarantee that they would comply with its existing privacy policies. A third-party consumer privacy ombudsman, or CPO, will be appointed by the court to examine the transaction, which is still subject to court approval. Such court-appointed ombudsman are often required in bankruptcy cases where sensitive data is involved, although 23andMe had initially tried to argue that one wasn’t necessary. Company leadership also doubled-down on the promises to protect the integrity of 23andMes customers data. We are pleased to have reached a transaction that maximizes the value of the business and enables the mission of 23andMe to live on, while maintaining critical protections around customer privacy, choice and consent with respect to their genetic data, said Mark Jensen, chair and member of the special committee of the board of directors of 23andMe, per the statement. A stellar rise and steep fall Founded in 2006, 23andMe gained popularity for its DNA testing kits, which were used to collect saliva samples and provide customers with a readout of their genetic ancestry and history. At one time, it had 15 million customers, but a data breach in 2023 hammered demand after seven million customer records were accessed, and 23andMe never recovered. The company went public by merging with a special purpose acquisition company in 2021, the height of the so-called SPAC craze. It briefly hit a valuation of $6 billion, but profits were elusive. By the middle of 2024, it was trading in penny-stock territory. Following the breach and the companys subsequent Chapter 11 filing in March of this year, some policymakerssuch as California Attorney General Rob Bontarecommended that users delete their information, which could be done through a users profile on the 23andMe website. As for whats next, the deal should close sometime later this year, and 23andMe is expected to continue to operate as a unit of Regeneron. Shares of Regeneron Pharmaceuticals (Nasda: REGN) were down about 1.1% in late-morning trading.
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E-Commerce
Epic Games‘s Fortnite video game was not available on Apple’s iPhone devices in the European Union and the United States on Friday. Access to Fortnite via Apple’s iPhone Operating System and through its App Store will be unavailable worldwide until Apple unblocks it, Epic Games said. Epic Games did not give a reason why Fortnite was blocked, but Apple said it had asked Epic Sweden to resubmit the app update without including the U.S. storefront so as not to impact Fortnite in other geographies. “We did not take any action to remove the live version of Fortnite from alternative distribution marketplaces,” an Apple spokesperson said. Epic, a U.S.-based studio, backed by China’s Tencent, is the world’s largest game studio. It was launched in 2017 and its last-player-standing, “battle royale” format became an instant hit, drawing millions of players. Since 2020, it has been in a legal battle with Apple, after the gaming firm alleged that Apple’s practice of charging a commission of up to 30% on in-app payments violated U.S. antitrust rules. Late on Friday, Epic Games asked a U.S. judge in California to hold Apple in contempt for blocking the return of Fortnite to the App Store in the U.S. In a court filing, Epic said Apple should be required, as part of a prior court ruling to allow the distribution of Fortnite. Apple’s blocking of the app was “blatant retaliation against Epic for challenging Apples anticompetitive behavior and exposing its lies to the court,” Epic’s filing added. Apple did not immediately respond to a request for comment on the filing outside regular business hours. Apple banned Fortnite from its store in 2020 but allowed the game back last year following pressure from European Union authorities for Big Tech companies to comply with the bloc’s Digital Markets Act. Last year, it also approved Epic Games’s marketplace app on iPhones and iPads in Europe. Epic Games also won a case against Apple earlier this month. Supantha Mukherjee, Akash Sriram, Mike Scarcella and Gursimran Kaur, Reuters
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E-Commerce
Last week, anticipated price hikes at Walmart attracted headlines across the country after CEO Doug McMillon warned that certain items would become more expensive as a result of President Donald Trumps tariff policies. During the company’s first-quarter earnings call for fiscal 2026, McMillon emphasized the retail giants commitment to keep priced competitive. We will do our best to keep our prices as low as possible,” he said. However, he warned that it would be difficult for Walmart to absorb all costs. He continued, Given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins. According to McMillon, the company would do its best to keep food and consumable costs as low as possible, but some food itemslike coffee, bananas, and avocados, typically imported from countries like Costa Rica, Peru, and Colombiawould likely be more at risk of higher prices. Trump weighs in over the weekend On Saturday, Trump took to Truth Social to lash out at the big box retailer. He posted: Between Walmart and China they should, as is said, EAT THE TARIFFS, and not charge valued customers ANYTHING. Ill be watching, and so will your customers!!! Officials for the United States and China announced earlier this month that an agreement had been reached to pause most tariffs for 90 days. However, uncertainty remains among retailers, given that Trump has frequently flip-flopped on his approach to tariffs. On Sunday, during an interview with NBC’s Meet the Press, Treasury Secretary Scott Bessent told moderator Kristen Welker that he had talked to McMillon on a phone call and was told that Walmart is going to eat some of the tariffs, just as they did in 18, 19, and 20. When asked about the retailers stance on the potential for price increases, a Walmart spokesperson gave Fast Company the following statement: We have always worked to keep our prices as low as possible and we wont stop. Well keep prices as low as we can for as long as we can given the reality of small retail margins. Walmart stock slips on Monday Either way, investors are likely feeling on edge because of the tariff turmoil. On Monday morning, Walmart shares (NYSE: WMT) were down more than 2% in early trading. Markets were mostly down on Monday morning in the wake of Friday’s credit-rating downgrade from Moodys, although not as sharply. The S&P 500 was down 0.73% while the Dow Jones Industrial Average was down 0.42%.
Category:
E-Commerce
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