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Ginkgo agrees to $17.5b merger with Harry Sloanâs SPAC
By Gillian Tan, Crystal Tse and Kristen V. Brown Bloomberg,Updated May 11, 2021, 7:31 a.m.
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An automated fermenting machine at the Ginkgo Bioworks Inc. facility in Boston.Scott Eisen/Bloomberg
Ginkgo Bioworks Inc., which calls itself an âorganism designâ 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 Boston-based company, which uses technology to program cells for a potentially wide variety of uses, will combine with Soaring Eagle Acquisition Corp., according to a regulatory filing Tuesday that confirmed an earlier Bloomberg News report.
Ginkgo Bioworks to Become a Public Company and Expand its Leading Platform for Cell Programming
Ginkgo is building the leading horizontal platform for synthetic biology, making it possible to program cells as easily as we can program computers and enabling innovation across industries, including therapeutics, industrials, food and agriculture
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BOSTON and LOS ANGELES, May 11, 2021 /PRNewswire/
Business combination with Soaring Eagle Acquisition Corp. (Nasdaq:SRNG) values Ginkgo Bioworks, Inc. at a $15 billion pre-money equity valuation and is expected to provide up to $2.5 billion of primary proceeds.
Institutional investors have committed $775 million in an oversubscribed PIPE, with anchor investments from Baillie Gifford, Putnam Investments, and funds and accounts managed by Counterpoint Global (Morgan Stanley Investment Management). New investors including accounts advised by ARK Investment Management LLC, ArrowMark Partners, Bain Capital
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