23andMe Requiring Potential Bidders To Affirm They Will Uphold Data Privacy

The sale of bankrupt DNA data bank 23andMe is delayed as the company struggles to secure a lead bidder who can meet regulatory and privacy requirements, pushing the initial auction deadline from Friday to Monday. Seeking Alpha reports: 23andMe Holdings (OTC:MEHCQ), currently in Chapter 11 bankruptcy proceedings, is requiring that any potential bidders for the company's assets 'guaranty that they will comply with the Company's privacy policies and applicable law.' The genetics company said this is necessary to protect customers' data.

In addition, bidders will need to submit documentation of their intended use of any data, describe the privacy programs and security controls they have in place or would implement, and say whether they would ask for current privacy policies to be amended. 23andMe has also filed a motion asking for the appointment of an independent customer Data representative to review whether a proposed deal is in alignment with the company's privacy policies and data privacy laws.

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