Successful Ginkgo Bioworks SPAC IPO Highlights Available Industry Opportunities for InMed Pharmaceuticals Inc. (NASDAQ: INM) and Synthetic Cannabinoid Production
Nov 1, 2021
- Special purpose acquisition company Soaring Eagle Acquisition Corp. combined with Ginkgo Bioworks to form publicly listed Ginkgo Bioworks Holdings Inc., in what is the largest-ever biotechnology go-public transaction
- Ginkgo Bioworks is known for its work in the commercial-scale production of a rare cannabinoid, CBG, for use in a multitude of industrial needs
- InMed uses multiple manufacturing approaches to synthetically produce rare cannabinoids, including CBC which is currently sold through its subsidiary BayMedica
- The success of the Ginkgo IPO suggests the marketplace value associated with the production of rare cannabinoids
Special purpose acquisition company (“SPAC”) Soaring Eagle Acquisition Corp. (NASDAQ: SRNGU, SRNG, SRNGW) recently announced a business combination between itself and Ginkgo Bioworks. The resulting entity made its debut renamed as Ginkgo Bioworks Holdings, Inc. and a public listing on the New York Stock Exchange (“NYSE”) under the ticker symbol DNA. A total of 75% of Soaring Eagle’s shareholders participated in the vote, with 97% of them voting in favor of the combination. The combination closed on September 16, 2021, with the public trade on the NYSE commencing the following day. The $1.6 billion in proceeds from the combination represents the largest biotechnology go-public transaction to date (https://cnw.fm/WQnzi).
In recent news, Ginkgo Bioworks announced that the company had made a breakthrough improvement on how they produce a key material used in mRNA vaccine manufacturing and the commercial-scale production of the rare cannabinoid CBG. Like Ginkgo Bioworks, biopharmaceutical company InMed Pharmaceuticals Inc. (NASDAQ: INM) and its subsidiary BayMedica are innovators in the field of…
NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://cnw.fm/INM
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