M&A · Healthcare · Services-Commercial Physical & Biological Research
Ginkgo Bioworks Holdings, Inc. to acquire Zymergen Inc.
Announced Jul 25, 2022 · Closed Oct 19, 2022
Deal value$300M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$2.68 per share
Transaction
- Acquirer
- Ginkgo Bioworks Holdings, Inc. (DNA)
- Target
- Zymergen Inc.
- Buyer type
- Strategic
- Offer price per share
- $2.68
- Enterprise value
- —
- Status
- Closed Oct 19, 2022
Deal protections
- Break fee (target pays)
- $10.0M · 3.3%
- Reverse fee (buyer pays)
- $10.0M · 3.3%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Allen & Company
- To the target
- TD Cowen
- TD Cowen fee
- $2.0M
Sector context · Healthcare
- Comparable deals
- 54 in the prior 24 months
- Premium
- Sector median 47.0%
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.3% vs. 3.4% sector median
Timeline
- AnnouncedJul 25, 2022
- Proxy filedSep 14, 2022
- Definitive proxySep 14, 2022
- Shareholder voteOct 17, 2022
- ClosedOct 19, 2022
Valuation · fairness opinions
Discounted cash flow$1.84$2.26
Analyst price targets$2.00$4.00
Analyst price targets$1.67$3.34
Offer $2.68
Implied value per Zymergen Inc. share by analysis, from TD Cowen · DCF discount rate 18.75%–20.75%.