Regereneron Pharmaceuticals refuses to increase its acquisition offer for the genetic testing company 23andMe.

A spokesperson for Regeneron Pharmaceuticals stated that the company has rejected a new acquisition offer from the genetic testing company 23andMe for more than $256 million. In a bankruptcy auction, a non-profit organization controlled by 23andMe co-founder Anne Wojcicki submitted a bid of $305 million, surpassing Regeneron's offer, meaning Wojcicki will regain control of 23andMe.