Ginkgo Bioworks to Merge With Soaring Eagle Acquisition to Trade Publicly, Expand Cell Programming Platform
01:44 PM EDT, 05/11/2021 (MT Newswires) -- Ginkgo Bioworks entered into a merger agreement with Soaring Eagle Acquisition (SRNG) to become a public company and expand its cell programming platform, according to a joint statement on Tuesday.
The deal values Ginkgo at $15 billion in pre-money equity and is expected to provide gross proceeds of up to $2.5 billion.
Boston-based Ginkgo expects to generate revenue of $150 million in 2021, a surge of 96% from 2020.
"From mRNA vaccines reaching people's arms to combating climate change, the opportunity to work with programmed cells has never been more apparent," said Ginkgo Chief Executive Jason Kelly.
The transaction is expected to close in the third quarter of of this year, subject to stockholders' approvals of both companies and other closing conditions. The boards of Ginkgo and Soaring Eagle have approved the deal.
Following the business combination, Soaring Eagle will change its name to Ginkgo Bioworks Holdings and its jurisdiction of formation to Delaware and will trade under a new ticker.
"Ginkgo is not only a leader in this field, but its founders launched the modern practice of synthetic biology," said Soaring Eagle Chief Executive Harry Sloan. "There has never been a more critical time to employ Ginkgo's technological achievements and efficiencies toward solving so many real-world problems -- environment, food, and health to name a few."
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