In a SPAC deal, a company is going public (Ginkgo) by merging with a company that is already listed (Soaring Eagle). It is significantly faster than a normal IPO, says CEO Jason Kelly on CNBC.
Kelly founded Ginkgo Bioworks in 2008, together with three classmates and their professor from MIT. They developed a synthetic biology platform with which the DNA of organisms can be ‘reprogrammed’ for industrial use. The application areas range from cultured meat and fertilisers to an entirely new approach to developing medicines.
Partly due to the COVID-19 pandemic, there is a rapidly growing interest in biotechnology. McKinsey research expects the market size for bioengineered products to pass the $2 trillion mark within 20 years.
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