Ginkgo gets bigger and raises more money.
What Ginkgo does:Ginkgo Bioworks Inc., which calls itself an “organism design” company, has agreed to go public in a $17.5 billion merger with a blank-check firm backed by former Hollywood executive Harry Sloan.
The transaction includes a $775 million private placement led by Baillie Gifford, Putnam Investments and Morgan Stanley Investment Management’s Counterpoint Global arm. Cathie Wood’s Ark Investment Management LLC, Bain Capital’s public equity arm, Bill Gates’s Cascade Investment LLC and T. Rowe Price Associates Inc. are also participating
The underlying principle of Ginkgo’s business is that biology is programmable in a way analogous to computers -- just using the four basic chemical building blocks of DNA sequencing instead of zeros and ones.
“If you find a company like Ginkgo, which we call a category of one -- meaning it’s not only the leader in the field but it created the field itself -- those companies make great sense as a SPAC,” Sloan said in an interview.
The Boston-based company has agreed to go public through a $17.5 billion merger with a blank-check firm backed by former Hollywood executive Harry Sloan.
Additionally, a recent McKinsey Global Institute report estimated that the overall market for bioengineered products from which Ginkgo could receive a value share is estimated to reach $2 to $4 trillion in the next 10 to 20 years. The capital raised in this transaction will dramatically increase the scale of Ginkgo's platform and empower an ecosystem for cell programmers, accelerating the number of new programs able to launch on Ginkgo's platform every year.
/PRNewswire/ -- Business combination with Soaring Eagle Acquisition Corp. (Nasdaq:SRNG) values Ginkgo Bioworks, Inc. at a $15 billion pre-money equity...