(Bloomberg) — Bankrupt genetic testing firm 23andMe Holding Co. won permission from a judge to try to sell information about customers’ medical and ancestry-related data, a trove that is considered the most valuable asset in the insolvency case — and has become a source of privacy and safety concerns amid the company’s collapse.
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Shares in the company surged on the news, jumping as much as 158% as investors speculated that the bankruptcy could bring in enough cash to pay them something once all of 23andMe’s debts are paid. Under bankruptcy rules, any sale would need to bring in more than the company owes creditors — at least $214 million — before anything could be paid to shareholders.
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