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'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.

Wojcicki, a co-founder and former CEO of 23andMe, is buying ‘substantially all’ of the company’s assets through a nonprofit.