Operator
Good morning, ladies and gentlemen, and welcome to APi Group s first-quarter 2021 financial results conference call. [Operator instructions] I will now turn the call over to Olivia Walton, vice president of investor relations at a APi Group. Please go ahead.
Olivia Walton
Vice President of Investor Relations
Thank you. Good morning, everyone and thank you for joining our first-quarter 2021 earnings conference call. Joining me on the call today are Sir Martin Franklin and Jim Lillie, our board co-chairs; Russ Becker, our president and CEO; and Tom Lydon, our chief financial officer. Before we begin, I would like to remind you that certain statements in the company s earnings press release announcement and on this call are forward-looking statements, which are based on expectations, intentions and projections regarding the company s future performance, anticipated events or trends and other matters that are not historical facts.
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.
Cambridge cancer drug startup Nuvalent raises $135 million
The new funding comes just four months after it was launched with $50 million.
By Jonathan Saltzman Globe Staff,Updated May 11, 2021, 6:00 a.m.
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James Porter is CEO of Cambridge biotech Nuvalent.Nuvalent
Nuvalent, a Cambridge biotech working on precision cancer drugs, has raised another $135 million in venture capital just four months after the firm was launched with $50 million in financing.
The startup is developing lung cancer drugs that rely on enzyme blockers known as kinase inhibitors to help keep cancer cells from growing. Nuvalent hopes to use cash from the second round of financing to advance two potential drugs into clinical trials.