Syn bio firm raises half a billion in IPO

April 26, 2021 |

In California, synthetic biology firm Zymergen has raised $500 million in an initial public offering. Shares began trading Thursday on Nasdaq under the ticker ZY. The company sold 16.1 million shares at $31/share, giving it an enterprise value of $3.2 billion. The company had expected to sell 13.6 million shares for $28-$31/share. 

The company reported a 2020 net loss of $262 million with sales of $13 million. Most of its sales are from strain development agreements although late last year it launched its first product, an optical film for electronic devices. The company has 10 other products in its pipeline, including an insect repellent and fertilizer. 

The offering was led by JPMorgan Chase & Co. and Goldman Sachs Group Inc. 

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Category: Chemicals & Materials

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