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 their previously announced business combination. The
transaction, which was approved on June 10, 2021 by VG Acquisition
Corp.’s shareholders, 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”)
beginning on June 17, 2021 under the new ticker symbol “ME” for its
Class A Common shares and “MEUSW” for its public warrants.
23andMe raised approximately $592 million in gross proceeds to
fuel growth and expansion in the company’s consumer health and
therapeutics businesses. 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 23andMe’s management team will continue to lead
the combined company.
“23andMe was founded to revolutionize healthcare by empowering
people with 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 is using genetics to
transform how we diagnose, treat and prevent human disease. As we
enter the next phase as a public company, we have the opportunity
to expand our impact by bringing personalized healthcare directly
to everyone.”
“As one of the earliest investors in 23andMe, I’ve long believed
in its vision to transform the future of healthcare,” said Sir
Richard Branson, Virgin Group Founder. “I’ve seen first-hand the
transformative impact 23andMe has in paving the way for many more
people to be proactive about their health and wellbeing. There are
huge growth opportunities ahead, and with Anne and the rest of the
incredible management team at the helm, I’m confident they will
continue to innovate and disrupt the industry, creating a lasting
impact on many people’s lives. We look forward to continuing our
partnership as 23andMe begins 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, President of ECMC
Foundation, a nonprofit corporation dedicated to educational
attainment for low-income students and former Chief Financial
Officer for the University of California system, will join the
23andMe Board of Directors (the “Board”). Lovell and Taylor will
join existing directors Roelof Botha, Patrick Chung, Richard
Scheller, Neal Mohan and Anne Wojcicki on the Board.
AdvisorsCiti served as lead financial advisor, capital markets
advisor, and placement agent to 23andMe. Morgan, Lewis &
Bockius LLP served as legal counsel to 23andMe.
Credit Suisse acted as lead financial advisor, capital markets
advisor and placement agent to VG Acquisition Corp. LionTree
Advisors acted as financial advisor and Davis Polk & Wardwell
LLP served as legal counsel to VG Acquisition Corp.
About 23andMe23andMe, Inc., headquartered in
Sunnyvale, CA, 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 has
pioneered direct access to genetic information as the only company
with multiple Food and Drug Administration authorizations for
genetic health risk reports. 23andMe has created the world's
largest crowdsourced platform for genetic research, with 80% of its
customers electing 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, currently
pursuing drug discovery programs rooted in human genetics across a
spectrum of disease areas, including oncology, respiratory, and
cardiovascular diseases, in addition to other therapeutic areas.
More information is available at www.23andMe.com.
About VG Acquisition CorpVG Acquisition Corp.
was formed for the purpose of effecting a merger, amalgamation,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses. The
management team includes Sir Richard Branson, founder of the
Company, a renowned global entrepreneur and founder of the Virgin
Group; Josh Bayliss, the Company’s Chief Executive Officer and
director, who is the Chief Executive Officer of the Virgin Group
and is responsible for the Virgin Group’s strategic development,
licensing of the brand globally and management of direct
investments on behalf of the Virgin Group in various companies
around the world; and Evan Lovell, the Company’s Chief Financial
Officer and director, who is the Chief Investment Officer of the
Virgin Group and is responsible for managing the Virgin Group’s
investment team and portfolio in North America. More information is
available at https://vgacquisition.com/.
Forward-Looking StatementsThis communication
contains certain “forward-looking statements” including, without
limitation, statements regarding the listing of shares of the
combined company on Nasdaq, the use of proceeds, and the expansion
of 23andMe’s businesses. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would,” 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 herein are based on 23andMe’s current
expectations and beliefs concerning future developments and their
potential effects, but there can be no assurance that these will be
as anticipated. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond the control of
23andMe), or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. Except as required by
law, 23andMe does not undertake any obligation to update or revise
any forward-looking statements whether as a result of new
information, future events, or otherwise.
Contacts
Investor Relations:
23andMe
investors@23andMe.com
Sard Verbinnen & Co
23andMe-SVC@sardverb.com
VG Acquisition Corp.
FTI Consulting
US, Canada, South America, Australia – Antonia Gray / Grace Altman Antonia.Gray@fticonsulting.com / Grace.Altman@fticonsulting.com
UK, Middle East, Asia, Africa – Charles Palmer
Charles.Palmer@fticonsulting.com
Media Relations:
23andMe
press@23andMe.com
Sard Verbinnen & Co
Paul Kranhold / John Christiansen / Chris Kittredge 23andMe-SVC@sardverb.com
VG Acquisition Corp.
FTI Consulting
US, Canada, South America, Australia – Antonia Gray / Grace Altman Antonia.Gray@fticonsulting.com / Grace.Altman@fticonsulting.com
UK, Middle East, Asia, Africa – Charles Palmer
Charles.Palmer@fticonsulting.com
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