Press Release

Morgan Lewis Represents 23andMe in Agreement to Merge with Virgin Group’s VG Acquisition

February 04, 2021

SILICON VALLEY, February 4, 2021: Morgan Lewis is advising 23andMe Inc. in its transaction with VG Acquisition Corp. (VGAC), a special purpose acquisition company (SPAC) sponsored by Virgin Group. Upon completion of the transaction, VGAC will change its name to 23andMe Holding Co. and the combined company’s securities will trade on the New York Stock Exchange (NYSE) under the ticker symbol “ME.”

The combination values 23andMe at an enterprise value of approximately $3.5 billion. The shareholders of 23andMe will own approximately 81% of the combined company, and the transaction is expected to deliver up to $759 million of gross proceeds through the contribution of up to $509 million of cash held in VGAC’s trust account and a concurrent $250 million private placement (PIPE) of common stock. Anne Wojcicki, CEO and co-founder of 23andMe, and Richard Branson, founder of the Virgin Group, are each investing $25 million in the PIPE and are joined by institutional investors, including Fidelity Management & Research Co. LLC.

23andMe is a leading consumer genetics and research company with a mission to help people access, understand, and benefit from the human genome. VGAC, led and founded by Branson, was formed for the purpose of effecting a merger with one or more businesses.

Partners Marlee Myers, Todd Hentges, Howard Kenny, Celia Soehner, Cosimo Zavaglia, Barton Bassett, Harry Robins, and John Ferreira, and associates Michelle Kniffin, Zachary Zemlin, Alexandra Good, and Emily Chapman are representing 23andMe.