23andMe on Tuesday announced it will voluntarily delist from the Nasdaq and de-register with the U.S. Securities and Exchange Commission, according to a release.
The move comes after Regeneron Pharmaceuticals said earlier this month that it will acquire “substantially all” of 23andMe’s assets for $256 million.
The drugmaker came out on top following a bankruptcy auction for 23andMe, a once high-flying genetic testing company that filed for Chapter 11 bankruptcy protection in March.
23andMe said it will file a Form 25 Notification of Delisting with the SEC on or around June 6, which would subsequently remove the stock from listing and registering with the Nasdaq.
The company said the Nasdaq had originally informed the company that a Form 25 would be filed in March, but since the exchange has not yet submitted the filing, 23andMe is doing so voluntarily.
23andMe exploded into the mainstream because of its at-home DNA testing kits that allowed customers to examine their genetic profiles. At its peak, the company was valued at around $6 billion.
But after going public via a merger with a special purpose acquisition company in 2021, the company struggled to generate recurring revenue and stand up viable research or therapeutics businesses.
Regeneron’s deal is still subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri. Pending approval, it’s expected to close in the third quarter of this year.