Regeneron Pharmaceuticals (REGN) said Monday it has won the bankruptcy auction to acquire substantially all assets of 23andMe for $256 million.

The acquisition includes 23andMe's Personal Genome Service, Total Health and Research Services business units, its Biobank, and related assets. The transaction does not include 23andMe's Lemonaid Health business.

The deal is expected to close in Q3, pending closing conditions including bankruptcy court and regulatory approvals.

Following the acquisition, 23andMe will operate as a wholly owned subsidiary of Regeneron and continue its personal genomics services.

Regeneron said it will maintain compliance with 23andMe's consumer privacy policies and applicable laws with respect to the treatment of customer data.