Will Ginkgo Bioworks go public via $15 billion SPAC?

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Ella Jones, Deputy Editor In Chief

Date: 02.06.2021

Boston-based biotech company Ginkgo Bioworks will make its market debut by merging with Soaring Eagle Acquisition Corp.

Ginkgo was started in 2009 by a team of MIT scientists intent on building made-to-order microbes that enable customers to grow rather than manufacture better products. The company calls itself the “organism company” because it designs and prints DNA, the building blocks that support all living things.

The company, ranked No. 44 on last year’s CNBC Disruptor 50 list, was most recently valued at $4.86 billion following a May financing round, according to PitchBook data.

The deal, worth $17.5 billion, including a $15 billion valuation for Ginkgo and $2.5 billion in deal proceeds, would make it one of the largest SPAC mergers to date.

The deal includes a $775 million private placement led by Baillie Gifford, Putnam Investments and Morgan Stanley Investment Management’s Counterpoint Global arm. So-called PIPE financing is a mechanism for companies to raise capital from a select group of investors that make the final market debut possible. Cathie Wood’s Ark Investment Management, Bain Capital’s public equity arm, Bill Gates’ private investment arm Cascade Investment and T. Rowe Price Associates are also participating.

by Ella Jones | Linkedin

#News #IPO #ICO #GinkgoBioworks #Wcryptn.com

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