The corporate-backed genetic testing service is joining forces with an NYSE-listed special purpose acquisition company sponsored by Virgin Group.
23andMe, the US-based genetic testing service backed by corporates Alphabet, WuXi AppTec, Johnson & Johnson, GlaxoSmithKline (GSK), Roche and Illumina, agreed a reverse merger with a special purpose acquisition company (SPAC) yesterday.
VG Acquisition Corp, which is sponsored by conglomerate Virgin Group, floated on the New York Stock Exchange in a $480m initial public offering in October 2020, and the merged business will take its listing on the exchange.
The transaction will value the company at $3.5bn and will…
