23andMe announced Tuesday that it plans to voluntarily delist from the Nasdaq and deregister with the U.S. Securities and Exchange Commission, marking the end of its run as a publicly traded company.

The decision follows news that Regeneron Pharmaceuticals will acquire “substantially all” of the company’s assets for $256 million. Regeneron emerged as the winning bidder in a bankruptcy auction earlier this year after 23andMe, once hailed as a pioneer in direct-to-consumer genetic testing, filed for Chapter 11 protection in March.

The company said it will submit a Form 25 to the SEC around June 6, a formal step toward removing its stock from Nasdaq listings and ending its registration with the commission. Although Nasdaq initially notified 23andMe that it would handle the filing back in March, the exchange hadn’t yet acted, prompting the company to proceed on its own.

Once valued at roughly $6 billion, 23andMe rose to prominence by offering mail-order DNA kits that let customers explore their genetic heritage and health predispositions. But after going public through a 2021 SPAC merger, the company struggled to maintain consistent revenue and failed to establish sustainable ventures in therapeutics or research.

The acquisition by Regeneron, which includes both data assets and operations, remains subject to final approval by the U.S. Bankruptcy Court for the Eastern District of Missouri. If approved, the deal is expected to close in the third quarter of this year.