☕️23andM-INE

Good morning.

Anne Wojcicki, founder of 23andMe, has asked a federal bankruptcy court to reopen an auction for the company, reports the FT, claiming that she has secured support of a “Fortune 500 company with a current market capitalisation of more than US$400 billion ($624 billion) and US$17 billion of cash on hand.”

Last month, Regeneron won the bidding for the company in a US$256 million cash deal, but Wojcicki alleges that the debtor and its advisors unfairly tilted the auction in Regeneron’s favour. The move followed 23andMe bankruptcy protection filing after rejecting a US$40 million offer from Wojcicki to go-private.

Despite briefly reaching a valuation of US$6 billion after its listing in 2021, the genetic testing company has never turned a profit.

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Market movers

Ramsay shares rose Friday after Transurban chair Craig Drummond was appointed to its board, as Allan Gray doubles down on the struggling private hospital giant.

The quick sync

• Banker-turned-NRFC chief David Gall says Labor’s $15b fund is hitting its $550m investment target, despite the departure of champion Ed Husic. (Capital Brief)

• Koda Capital is betting on smaller, leaner VC funds, favouring focused, early-stage bets over bloated portfolios for better returns. (Capital Brief)

• Allan Gray is doubling down on Ramsay Health Care despite Healthscope's collapse, betting that pressure on Australia’s private health sector will spark a turnaround. (Capital Brief)

• Betashares plans to expand into US private credit after reaching $50b in ETF assets. (AFR)

Trading floor

M&A

• Private equity circles Spark NZ’s data centres in 50% stake sale. (AFR)

• Calvary vies for top Healthscope hospitals amid sale restart, competing with other Catholic operators. (The Australian)

• CVC eyes Arnott’s Asian arm in KKR-led auction. (AFR)

• Nufarm buyout unlikely as insiders trade shares, signaling undervaluation and no fundraising. (The Australian)

• Kegstar to acquire Konvoy Kegs, likely triggering ACCC scrutiny. (AFR)

• Harmony Gold eyes more Australian copper acquisitions to expand Cobar operations. (The Australian)

Capital Markets

• Superhero hits $150m valuation amid wealth management expansion. (AFR)

• Virgin Australia’s $4b ASX IPO timing to be decided mid-week. (AFR)

• Allan Gray backs Ramsay Health amid private health sector losses. (Capital Brief)

• HMC Capital abandons closed fund plan amid market volatility and investor concerns. (AFR)

• Nuheara shareholders are fighting a legal battle against Taiwanese chipmaker Realtek as they try to revive the collapsed hearing device company. (AFR)

• Virgin IPO to price shares 30-40% below Qantas for investor appeal. (The Australian)

• Glencore's $30b shift of unwanted assets into an Australian subsidiary primes it for a local ASX listing and potential mega-merger with Rio Tinto. (AFR)

VC

• Koda backs smaller VC funds for stronger returns and founder support. (Capital Brief)

People moves

• Anne Ward chairs both struggling Star Entertainment and takeover-targeted Articore. (AFR)

• CoStar may rehire Jason Pellegrino as Domain CEO after acquisition. (AFR)

The watercooler