Regeneron founder, chairman and CEO Dr. Leonard Schleifer joins 'Squawk Box' to discuss the company's bid for 23andMe, privacy concerns over 23andMe's genetic data, importance of biotechnology, and more.

The future of the genetic data owned by 23andMe is uncertain as the company undergoes a court-supervised sale.

A consumer privacy ombudsman will help manage customers' personal data, including biological samples, DNA data, health-related traits and medical records.

Twenty-seven states and the District of Columbia took legal action this week against 23andMe in the U.S. Bankruptcy Court for the Eastern District of Missouri, the court overseeing the Chapter 11 bankruptcy proceedings that the genetic testing company entered earlier in the year.

Regeneron Pharmaceuticals said on Monday it will buy genomics firm 23andMe Holding for $256 million through a bankruptcy auction, and promised to prioritize the ethical use of DNA data from customers using ancestry testing and other services.

WilmerHale said it’s representing the law professor tapped to make privacy-related recommendations about the sale of 23andMe’s customers’ genetic data while separately working for a major bidder for the assets,

The genetic-testing company, which collected DNA data from users, is for sale in bankruptcy court. Now, 27 states and the District of Columbia oppose selling the data without express consent.

Lawmakers raised questions and concerns about the sale of genetic-testing company 23andMe during a hearing on Tuesday.

Twenty-seven states and Washington, D.C. are suing to stop 23andMe (ME) from selling customers’ personal information without their consent.