In Massachusetts, Ginkgo Bioworks and Soaring Eagle Acquisition Corp. have agreed to a business combination that will result in Ginkgo becoming a publicly-listed company. The transaction is expected to close in the third quarter of 2021.
The $15B valuation and $2.5B to Ginkgo in proceeds
The transaction implies a pre-money equity valuation for Ginkgo of $15.0 billion, and is expected to provide up to $2.5 billion of gross cash proceeds. Gross proceeds include Soaring Eagle’s $1.725 billion of cash in trust (subject to any redemptions by Soaring Eagle’s public shareholders) and $775 million in proceeds from a PIPE transaction priced at $10.00 per share of Class A common stock of Soaring Eagle to be funded immediately prior to the closing of the transaction.
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
Synbio Powerhouse Ginkgo Bioworks Goes Public in $17.5B SPAC Deal
May 11, 2021
Synthetic biology powerhouse Ginkgo Bioworks will become a public company through a $17.5 billion merger with a special purpose acquisition company (SPAC) that is expected to provide up to $2.5 billion of gross cash proceeds. [Ginkgo Bioworks]
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Synthetic biology powerhouse Ginkgo Bioworks said today it will become a public company through a $17.5 billion merger with a special purpose acquisition company (SPAC) that is expected to provide up to $2.5 billion of gross cash proceeds.
The SPAC business combination with Soaring Eagle Acquisition Corp. implies a pre-money equity valuation of $15 billion for Ginkgo, the company said. Soaring Eagle will change its name to Ginkgo Bioworks Holdings, change its jurisdiction of formation to Delaware and change its ticker symbol from SRNG to a new symbol.
In this Close to the Edge new live series, we’ll be interviewing chief executives and scientific and business leaders from the biotech spectrum. In this inaugural episode on May 12 GEN Edge welcomes Christian Henry, the CEO of PacBio, for an exclusive interview. We’ll have lots to discuss, including PacBio’s technological edge in long-read sequencing, the ramifications of the big merger that didn’t happen, and the company’s growth plans in both the biotech and clinical space . . .
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