23andMe successfully completes its business combination with VG Acquisition Corp.
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Combined company to trade on Nasdaq under the symbol “ME” as of June 17
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 its previously announced business combination. The transaction, which was approved on June 10, 2021 by shareholders of VG Acquisition Corp., 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”) from June 17, 2021 under the new ticker symbol “ME” for its Class A and “MEUSW” common shares for its public mandates.
23andMe has raised gross proceeds of approximately $ 592 million to fuel the growth and expansion of the company’s consumer health and therapeutics business. The 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 the 23andMe management team will continue to lead the combined company.
“23andMe was founded to revolutionize healthcare by giving people 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 uses genetics to transform the way we diagnose, treat and prevent human disease. As we move into the next phase as a public enterprise, we have the opportunity to expand our impact by delivering personalized healthcare directly to everyone. “
“As one of 23andMe’s early investors, I have long believed in its vision to transform the future of healthcare,” said Sir Richard Branson, founder of the Virgin Group. “I saw first-hand the transformative impact of 23andMe in paving the way for many people to be proactive when it comes to health and wellness. There are huge growth opportunities ahead, and with Anne and the rest of the incredible management team at the helm, I have no doubts that they will continue to innovate and disrupt the industry, creating lasting impact. on the lives of many people. We look forward to continuing our partnership as 23andMe begins its 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, chairman of the ECMC Foundation, a non-profit company dedicated to the educational success of students Low Income and Former Leader The University of California’s System Finance Officer will join the 23andMe Board of Directors (the “Board”). Lovell and Taylor will join current directors Roelof Botha, Patrick Chung, Richard Scheller, Neal Mohan and Anne Wojcicki on the board.
Citi has served as a Senior Financial Advisor, Capital Markets Advisor and Investment Officer for 23andMe. Morgan, Lewis & Bockius LLP acted as legal counsel to 23andMe.
Credit Suisse acted as Senior Financial Advisor, Capital Markets Advisor and Investment Agent to VG Acquisition Corp. LionTree Advisors acted as financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to VG Acquisition Corp.
23andMe, Inc., headquartered in Sunnyvale, Calif., Is a leading consumer genetics and research company. Founded in 2006, 23andMe’s mission is to help people access, understand and benefit from the human genome. 23andMe pioneered direct access to genetic information as the only company with multiple Food and Drug Administration clearances for genetic health risk reporting. 23andMe has created the world’s largest crowdsourcing platform for genetic research, with 80% of its clients choosing to participate. The 23andMe research platform has generated more than 180 publications on the genetic underpinnings of a wide range of diseases, conditions and traits. The platform also powers the 23andMe Therapeutics Group, which is currently pursuing drug discovery programs rooted in human genetics in a wide range of disease areas, including oncology, respiratory and cardiovascular disease, in addition to other therapeutic areas. More information is available at www.23andMe.com.
About VG Acquisition Corp
VG Acquisition Corp. was incorporated for the purpose of effecting a merger, merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more companies. The management team includes Sir Richard Branson, founder of the company, a renowned global entrepreneur and founder of the Virgin Group; Josh Bayliss, Chief Executive Officer and Director of the Company, who is the CEO of the Virgin Group and is responsible for the strategic development of the Virgin Group, the licensing of the brand globally and the management of direct investments on behalf of the Virgin group in various companies around the world; and Evan Lovell, Chief Financial Officer and Director of the Company, who is the Chief Investment Officer of the Virgin Group and is responsible for managing the investment team and the portfolio of the Virgin Group in North America. More information is available at https://vgacquisition.com/.
This communication contains certain “forward-looking statements” including, without limitation, statements regarding the listing of the shares of the combined company on the Nasdaq, the use of the products and the expansion of the business of 23andMe. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intention”, “may”, “could”, “,“. “Anticipate”, “plan”, “should”, “should” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on 23andMe’s current expectations and beliefs regarding future developments and their potential effects, but there can be no assurance that these will be as expected. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond 23andMe’s control) or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements. Except as required by law, 23andMe assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.