Regeneron Pharmaceuticals (REGN) was edged out in a final bidding round as 23andMe Holding agreed to sell nearly all of its assets to TTAM Research Institute for $305 million, 23andMe said Friday.

TTAM, a non-profit led by 23andMe co-founder and former Chief Executive Anne Wojcicki, won the deal following a court-supervised auction process overseen by the US Bankruptcy Court for the Eastern District of Missouri.

According to the statement, Regeneron has been designated as backup bidder. TTAM will fully replace and nullify the previously announced acquisition and underlying asset purchase agreement with Regeneron for $256 million.

23andMe said the assets being sold include its Personal Genome Service, Research Services and Lemonaid Health business lines.

As part of the agreement, the company also said that TTAM would uphold its privacy practices, establish a Consumer Privacy Advisory Board and publish annual privacy reports.

The transaction is expected to close in the coming weeks, subject to approval by the Bankruptcy Court at a hearing scheduled for Tuesday.