Independent directors of 23andMe resign from board
investors.23andme.com
Independent directors of 23andMe resign from board
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Re: Independent directors of 23andMe resign from board
#2Literally just one day after 23andMe presented positive phase 2 clinical results for two anti-cancer drugs: https://therapeutics.23andme.com/news-and-research/
The board of directors of 23andMe just resigned in protest. The CEO, Anne Wojcicki (who's sister Susan died of lung cancer last month, and was the former CEO of YouTube) had tried to low ball take the company private at only $0.40 a share -- a more than 96% drop from its deSPAC price.
For reference, right now the market cap of 23andMe is $172 million, its closest competitor Ancestry.com was bought out by the Blackstone group for $4.7 billion, and cumulative sales of KeyTruda - an anti-cancer drug in the same family as the one being developed by 23andMe had cumulative sales of $25 billion by 2023.
Feels like the main thing holding this company back is the CEO and lack of corporate governance (due to majority shareholder control resting in the hands of one person)
Re: Independent directors of 23andMe resign from board
#3Literally just one day after 23andMe presented positive phase 2 clinical results for two anti-cancer drugs: https://therapeutics.23andme.com/news-and-research/ The board of directors of 23andMe just resigned in protest. The CEO, Anne Wojcicki (who's sister Susan died of lung cancer last month, and was the former CEO of YouTube) had tried to low ball take the company private at only $0.40 a share -- a more than 96% dr…
Does the corporate structure support a hostile takeover? This would enable purging management and re-staffing with competent leadership.
Re: Independent directors of 23andMe resign from board
#4Literally just one day after 23andMe presented positive phase 2 clinical results for two anti-cancer drugs: https://therapeutics.23andme.com/news-and-research/ The board of directors of 23andMe just resigned in protest. The CEO, Anne Wojcicki (who's sister Susan died of lung cancer last month, and was the former CEO of YouTube) had tried to low ball take the company private at only $0.40 a share -- a more than 96% dr…
Does the corporate structure support a hostile takeover? This would enable purging management and re-staffing with competent leadership.
Virtually impossible as Anne Wojcicki holds 20% of the outstanding shares and 49% of the voting power of total outstanding shares. That's essentially dictator-level power over the company. I believe the next largest shareholder is Richard Branson. Source: https://investors.23andme.com/news-releases/news-release-det...
Despite the promising drug development news, the CEO signaled last month that she was willing to let public investors get hosed, with a low ball take-private offer of $0.40/share. I believe this pissed both public investors and the board members off. I'm not sure if the positive phase 2 results were icing on the cake.
Quite honestly this company is a ripe target for acquisition by a biopharma company like GSK or Roche.
Re: Independent directors of 23andMe resign from board
#5Earlier quoted context omitted.
Does the corporate structure support a hostile takeover? This would enable purging management and re-staffing with competent leadership.
Virtually impossible as Anne Wojcicki holds 20% of the outstanding shares and 49% of the voting power of total outstanding shares. That's essentially dictator-level power over the company. I believe the next largest shareholder is Richard Branson. Source: https://investors.23andme.com/news-releases/news-release-det... Despite the promising drug development news, the CEO signaled last month that she was willing to let…
Regrettable. I suppose the alternative path is to let them go bankrupt and to get bought out of bankruptcy. That should wipe out all equity holders. If you’re a potential bidder, get your financing or cash lined up.
Re: Independent directors of 23andMe resign from board
#6Literally just one day after 23andMe presented positive phase 2 clinical results for two anti-cancer drugs: https://therapeutics.23andme.com/news-and-research/ The board of directors of 23andMe just resigned in protest. The CEO, Anne Wojcicki (who's sister Susan died of lung cancer last month, and was the former CEO of YouTube) had tried to low ball take the company private at only $0.40 a share -- a more than 96% dr…
what am I missing? Isn't this good news (the positive phase 2 results)?
Re: Independent directors of 23andMe resign from board
#7Literally just one day after 23andMe presented positive phase 2 clinical results for two anti-cancer drugs: https://therapeutics.23andme.com/news-and-research/ The board of directors of 23andMe just resigned in protest. The CEO, Anne Wojcicki (who's sister Susan died of lung cancer last month, and was the former CEO of YouTube) had tried to low ball take the company private at only $0.40 a share -- a more than 96% dr…
> Literally just one day after 23andMe presented positive phase 2 clinical results for two anti-cancer drugs ...
That's not entirely correct. It was two days after. ;)
• https://investors.23andme.com/news-releases/news-release-det...
There's also this, on the same day:
• https://investors.23andme.com/news-releases/news-release-det...
Re: Independent directors of 23andMe resign from board
#8Literally just one day after 23andMe presented positive phase 2 clinical results for two anti-cancer drugs: https://therapeutics.23andme.com/news-and-research/ The board of directors of 23andMe just resigned in protest. The CEO, Anne Wojcicki (who's sister Susan died of lung cancer last month, and was the former CEO of YouTube) had tried to low ball take the company private at only $0.40 a share -- a more than 96% dr…
Why is she even the CEO? Was she placed there by Google once they bought 23andme?
Re: Independent directors of 23andMe resign from board
#9They also just settled a class-action lawsuit stemming from their data breach: https://www.bleepingcomputer.com/news/security/23andme-to-pa...
Re: Independent directors of 23andMe resign from board
#10Zero chance I ever give my DNA to one of these companies.