May 19 (UPI) -- Regeneron Pharmaceuticals announced Monday it plans to purchase human genetics and biotechnology firm 23andMe from bankruptcy protection in a $256 million deal.
Regeneron acquired the right to purchase the assets of California-based 23andMe after winning a bankruptcy auction, as it looks to expand its footprint in the world of genetics.
The transaction still needs to be approved by the U.S. Bankruptcy Court for the Eastern District of Missouri, as well as other regulators.
In March, 23andMe announced it was seeking Chapter 11 bankruptcy and would begin selling the majority of its assets.
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