Beleaguered genetic testing company 23andMe announced Friday that it has reached an agreement to sell itself to TTAM Research Institute, a nonprofit led by the company's co-founder and former CEO Anne Wojcicki.

Anne Wojcicki is taking back reins of 23andMe after outbidding Regeneron. The entrepreneur's proposal offers better reassurances to customers

The DNA data of more than 15 million customers of DNA testing firm 23andMe is set to be returned to the control of 23andMe co-founder and former CEO Anne Wojcicki, after the non-profit she leads outbid previously announced buyer, biotech Regeneron, by $70 million.

Anne Wojcicki's nonprofit will acquire substantially all of 23andMe's assets for $305 million, the company announced Friday. 23andMe filed for Chapter 11 bankruptcy protection in March. Last month, Regeneron announced it would purchase most of 23andMe's assets for $256 million, but it was outbid.

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Anne Wojcicki's nonprofit is set to purchase all significant assets of the bankrupt genetic testing company, 23andMe, for $305 million.