Ropes & Gray Advises Baillie Gifford in PIPE into Ginkgo Bioworks, Which Will Become a Public Company
A Ropes & Gray team guided Baillie Gifford, a leading asset manager, in connection with a private placement in Soaring Eagle Acquisition Corp. (Nasdaq: SRNG), a special purpose acquisition company that has entered into a business combination transaction with Ginkgo Bioworks, Inc. that will result Ginkgo Bioworks, Inc. becoming a publicly-listed company. The transaction values Ginkgo Bioworks, Inc. at a $15 billion pre-money equity valuation and is expected to provide up to $2.5 billion of primary proceeds. Ballie Gifford is among a group of institutional investors that have committed $775 million in an oversubscribed PIPE. The transaction was announced on May 11.
The team advising Baillie Gifford was led by private equity partner Adam Leamon and mergers & acquisitions and capital markets partner Thomas Fraser (both of Boston), and included mergers & acquisitions associate Adam Natan (New York).