Ginkgo Bioworks Shares Rise 10% After Pfizer Collaboration

By Chris Wack

Ginkgo Bioworks shares were up 10% to $1.90 after the company entered into a collaboration with Pfizer focused on the discovery of RNA-based drug candidates.

The stock hit its 52-week low of $1.12 on May 3, and is down 34% in the past 12 months.

In the collaboration, Pfizer will use Ginkgo's proprietary RNA technology to advance the discovery and development of novel RNA molecules across priority research areas.

Ginkgo will receive an upfront payment and is eligible to receive research fees and development and commercial milestone payments, up to $331 million across three programs. Ginkgo is entitled to potential further downstream value in the form of royalties on sales.

"Access to Ginkgo's proprietary platform will help enable Pfizer to search for novel and exciting RNA constructs with improved stability and expression that could lead to more effective treatments," said Will Somers, head of Biomedicine Design at Pfizer.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

September 27, 2023 10:20 ET (14:20 GMT)

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