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23andme Pre-IPO

23andMe is a developer of consumer genetic research technologies that allows people to learn about their ancestors, genealogy, and inherited characteristics. 

It is renowned for delivering a genetic analysis service that is offered directly to customers. People can easily submit a saliva sample for laboratory analysis, utilizing single nucleotide polymorphism genotyping to assess ancestry and discover genetic markers linked to various illnesses and disorders, as well as a few particular causative variations that the firm claimed might give insight into its customers' health and how to improve it. Globally, the company has more than five million genotyped consumers.

The name 23andMe relates to the fact that a typical human cell has 23 pairs of chromosomes.

Due to genetic health testing, the corporation had a previously fragmented relationship with the Food and Drug Administration (FDA),  but As of October 2015, DNA tests ordered in the US contain a new health component, which helped it get the FDA's approval. Both ancestry and health-related components are available as of October 2014 in Canada, and as of December 2014 in the UK.

23andMe Pre-IPO Details You Should Know

23andMe is a company based in Mountain View, California. This specialist company operates in the biotechnology sector and was founded in 2006 by Linda Avey and Anne Wojcicki. Google has been one of the principal investors in the four rounds of investment in this company. 

The firm recently announced a business arrangement that would make it possible for investors to buy shares in 23andMe. As investors, they are curious about what it offers.

The 23andMe IPO will pursue an alternative route to the public market. Instead, the firm will follow the new SPAC trend and follow other companies that went the SPAC IPO route. 

A special purpose acquisition company (SPAC) is a company with no commercial operations. It goes public in order to raise capital. The money is then placed in a trust fund until it finds a firm to acquire. In this situation, the acquiree is 23andMe, and the SPAC is VG Acquisition.

The Virgin Group established VG Acquisition. Although Branson has already founded Virgin Galactic, he is well acquainted with the SPAC process since he was one of the co-founders. By teaming up with Palihapitiya, his business was the first significant space investment of 2019, ushering in the SPAC trend.

The SPAC transaction values 23andMe at £2.4 billion. The deal is projected to be worth up to £538 million. VG's IPO trust will contribute up to £360 million. An additional £177 million will be provided through PIPE at a regular share price of £7. Wojcicki and Branson will each contribute £17 million to the PIPE. The remaining funds will be provided by investors such as Fidelity Management, Altimeter Capital, and Foresite Capital. 

Current shareholders will transfer 100% of their shares to the new firm, owing 81 percent after the IPO.

Robinhood Key Executive Team

  • Anne Wojcicki (Chief Executive Officer & Founder )
  • Kathy Hibbs (Chief Legal and Regulatory Officer)
  • Steve Schoch (Chief Financial Officer)
  • Joyce Tung, Ph.D. (Vice President, Research)
  • Monica Viziano, Ph.D. (Vice President, Portfolio Strategy and Alliance Management)