Rumor SPNGU

Biotech firm Ginkgo in talks for over a $20 billion SPAC deal backed by Harry Sloan

, Reuters

Biotech startup Ginkgo Bioworks is in talks to go public through a merger with a blank-check firm backed by former Hollywood executives Harry Sloan and Jeff Sagansky, in a deal valued at about $20 billion, a person familiar with the matter said.

The company is in exclusive talks with Soaring Eagle Acquisition Corp for a potential business combination and a deal could be announced as soon as this month, the source said on Friday.

Soaring Eagle declined to comment on the matter.

Boston-based Ginkgo is backed by Bill Gates’ private investment firm, Cascade Investment, and hedge fund Viking Global. It received a $1.1 billion loan from the U.S. government in November for COVID-19 testing and production of raw materials for therapies that may help address future pandemics.

Soaring Eagle, a special purpose acquisition company (SPAC), raised $1.7 billion through an initial public offering in February.

Sloan, a former chief executive officer of Metro Goldwyn Mayer, and Sagansky’s former SPACs took gaming firms DraftKings Inc and Skillz Inc public.

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