The Biotech company Ginkgo Bioworks merges with Harry Sloan in $17.5 billion deal SPAC deal, the firm found by Harry Sloan is Soaring Eagle Acquisition Corp.
Boston based Ginkgo Bioworks is also backed by Bill Gates private investment firm Cascade Investment. The company also received $1.1 billion loan from the U.S. Government for COVID-19 testing and production of raw materials.
Harry Sloan’s seventh SPAC Formation, Soaring Eagle Acquisition Corp is brought by Skillz and Draftkings who are also the executives of blank check company.
The sole purpose of the Blank check companies are to purchase the company, and taking it public and selling in with in couple of years.
Jason Kelly, The cofounder and Chief Executive Officer of Ginkgo Bioworks, said:
“Its a really fun time now, actually, Covid-19 has had a weird effect on biology awareness. Proteins are on the cover of The New York Times. I was on ‘60 Minutes,
“My parents know what PCR is now. I think it’s a really good moment to bring more of this into people’s lives.”
The deal includes a staggering $775 million private placement led by Baillie Gifford, Morgan Stanley Investment Management’s Counterpoint Global arm and Putnam Investments.
To rise capital from a group of investors, PIPE financing will be the mechanism for companies that makes final market debut possible.
Bain Capital’s public equity arm, Cathie Wood’s Ark Investment Management, Bill Gates’ private investment arm Cascade Investment and T. Rowe Price Associates are also participating.
About Ginkgo Bioworks
Ginkgo Bioworks is a biotech company based in United States founded in the year 2009 by Jason Kelly an MIT Ph.D. and his three classmates Barry Canton, Austin Che and Reshma Shetty and their professor Tom Knight.
It is a analytics company which designs organisms for customers for a range of customers, the company also specialises in producing bacteria using genetic engineering with industrial applications.
