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SUNNYVALE, Calif. and NEW YORK, June 16, 2021 (GLOBE NEWSWIRE) — 23andMe, Inc., a leading consumer genetics and research company, and VG Acquisition Corp. (NYSE: VGAC), a special purpose acquisition company sponsored by Virgin Group, today announced the completion of their previously announced business combination. The transaction, which was approved on June 10, 2021 by VG Acquisition Corp.’s shareholders, uniquely positions 23andMe to revolutionize personalized healthcare and therapeutic development through human genetics. The combined company is called 23andMe Holding Co. and will be traded on The Nasdaq Global Select Market (“Nasdaq”) beginning on June 17, 2021 under the new ticker symbol “ME” for its 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 businesses. 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. 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,” said Anne Wojcicki, CEO and Co-Founder of 23andMe. “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,” said Sir Richard Branson, Virgin Group Founder. “I’ve seen first-hand 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, Chief Investment Officer of Virgin Group and Chief Financial Officer of VG Acquisition Corp., and Peter Taylor, President of ECMC Foundation, a nonprofit corporation dedicated to educational attainment for low-income students and former Chief Financial Officer for the University of California system, will join the 23andMe Board of Directors (the “Board”). Lovell and Taylor will join existing directors Roelof Botha, Patrick Chung, Richard Scheller, Neal Mohan and Anne Wojcicki on the Board.
For original report, please refer to: https://finance.yahoo.com/news/23andme-successfully-closes-business-combination-212900902.html?guccounter=1