Branson’s SPAC ; 23andMe Inc. has partnered with a forensic pathology company backed by British billionaire Richard Branson Virgin Group to unveil a deal worth $ 3.5 billion in DNA testing, including debt.
23andMe in California will merge with Vir Acquisition Corp VGAC + of Virgin Group VGAC + 9.21% and raise another $ 250 million to new investors, Mr. Branson and Chief Executive Officer of genetic company Anne Wojcicki.
a series of companies that make their release from the public market
23andMe is the latest in a series of companies that make their release from the public market through a specialized discovery company rather than a first public offering. SPACs, also known as unregistered companies, change the IPO process by going public and raising money outside the business, and then looking for one to be associated with.
earning $ 480 million
The Virgin Group flocked to its SPAC in October, earning $ 480 million. The money, along with a $ 250 million private investment, will now be used to fund 23andMe businesses for consumer health and medical care.
81% of the combined company once the agreement is finalized
The current 23andMe shareholders will own 81% of the combined company once the agreement is finalized, expected in the second quarter. The merged company will own the ME logo and trade on the New York Stock Exchange.
23andMe has for years used saliva test kits to tell millions of consumers how closely they are related to Neanderthals or whether they may be suffering from diseases such as diabetes or Alzheimer’s.
company has partnered with a British university to analyze
In another example of its work, the company has partnered with a British university to analyze the genetic information of 50,000 African and American Americans in the US compared to Trans-Atlantic slave history records, and found DNA differences in people living in various parts of the Americas.
amount of genetic information with pharmaceutical company
Recently, the company shared its huge amount of genetic information with pharmaceutical company and shareholder GlaxoSmithKline PLC in the hope of discovering new medicine.
its research program to advance its program of more than 30 therapies for Branson’s SPAC
23andMe said on Thursday it planned to use its research program to advance its program of more than 30 therapies, including oncology, respiratory, cardiovascular and other diseases.
his extended portfolio has been severely affected by coronavirus
To Mr. Branson, the business comes as his extended portfolio has been severely affected by coronavirus, which has plagued the tourism and tourism industry for a long time in the heart of Virgin.
two businesses have seen significant interest in investors by Branson’s SPAC
However, Mr Branson’s two businesses have seen significant interest in investors. Shares at the space travel company Virgin Galactic Holdings Inc. increased by 140% this year, and in January, Virgin Orbit, a small satellite launch business, sent 10 smaller orbits to Orbit for the first time.