Ginkgo Bioworks Announces Acquisition of Massachusetts COVID-19 Testing Provider Project Beacon COVID-19 LLC
Ginkgo Bioworks (NYSE: DNA) has acquired Project Beacon COVID-19 LLC, a Boston-based organization focused on enhancing COVID-19 testing accessibility and affordability. This acquisition aims to integrate Project Beacon's assets with Ginkgo's Concentric platform, increasing testing capabilities in Massachusetts and surrounding areas. Ginkgo's Concentric currently serves over 280,000 individuals weekly, having conducted over 3 million tests in the latter half of 2021. The merger is expected to bolster community health initiatives amid rising pandemic concerns.
- Acquisition enhances COVID-19 testing capacity, integrating Project Beacon's assets with Concentric.
- Concentric provides COVID-19 monitoring for over 280,000 individuals weekly.
- Project Beacon has completed over 1.5 million tests, significantly increasing Ginkgo's testing reach.
- None.
BOSTON, Jan. 19, 2022 /PRNewswire/ -- Ginkgo Bioworks (NYSE: DNA), the leading horizontal platform for cell programming, today announced the acquisition of Project Beacon COVID-19 LLC (Project Beacon), a Boston-based social benefit organization focused on helping to increase the capacity, availability, accessibility and affordability of COVID-19 testing. Under the terms of the deal, Ginkgo acquired Project Beacon's assets and will assume responsibility for Project Beacon's ongoing operations, providing COVID-19 monitoring tools to communities in Massachusetts and other areas.
"As we embark on a new wave of the pandemic and grapple with the spread of the Omicron variant, large-scale testing will be critical to help keep kids in schools and mitigate the spread of COVID-19," said Matt McKnight, Chief Commercial Officer at Ginkgo Bioworks, who is leading Ginkgo's public health and biosecurity efforts. "Integrating Project Beacon's capabilities with our Concentric by Ginkgo offering will enable us to further empower communities in Massachusetts and beyond with the tools they need to make important public health decisions."
Throughout the pandemic, Ginkgo has supported widespread COVID-19 monitoring through its biosecurity and public health initiative, Concentric by Ginkgo. Today, Concentric provides COVID-19 monitoring services for over 280,000 individuals per week through its programs in K-12 schools, correctional facilities, airports, and other community settings. Concentric conducted over 3 million tests in the second half of 2021.
Concentric and Project Beacon share a common goal of making COVID-19 testing accessible to the communities that need it the most. With this acquisition, Concentric will integrate Project Beacon's partner and customer relationships, digital platform, and several key personnel into its broader efforts.
Project Beacon was launched by F-Prime Capital, GV, and the Broad Institute of MIT and Harvard to help organizations in Massachusetts and its surrounding areas implement affordable and accessible COVID-19 testing, with a focus on serving public needs and promoting equitable access. Since then, Project Beacon has partnered with the Massachusetts Executive Office of Health and Human Services, Department of Public Health, Office of Elementary and Secondary Education, and Executive Office of Technology Services and Security to serve the state's residents through its Express COVID-19 Testing Sites, K-12 testing platform, and online service that lists COVID-19 vaccination sites throughout Massachusetts. Project Beacon has also supported testing efforts for dozens of other organizations, including schools, universities, congregate care providers, and employers. In total, Project Beacon has completed more than 1.5 million tests for members of its community.
"The mission of Project Beacon has always been to support Massachusetts residents by providing low-cost, convenient testing," said Muz Mansuri, Executive Director of Project Beacon and Venture Partner at F-Prime Capital. "We have no profit motive, and we didn't seek capital return in this transaction. We supported this combination with Concentric by Ginkgo because we believe it will allow us to serve more people around the state and nation. We are excited to continue providing these critical services to all those we currently work with and hope to further expand community access with the added reach of Concentric."
Concentric is building a next-generation biosecurity and public health platform with the aim of providing pathogen biomonitoring at scale. This acquisition is an important step towards that goal. Concentric's lab network currently has enough contracted and validated labs to serve tens of millions of individuals with pooled tests every week, and Concentric stands ready to further invest to expand its biosecurity and public health efforts.
About Ginkgo Bioworks
Ginkgo is building a platform to enable customers to program cells as easily as we can program computers. The company's platform is enabling biotechnology applications across diverse markets, from food and agriculture to industrial chemicals to pharmaceuticals. Ginkgo has also actively supported a number of COVID-19 response efforts, including K-12 pooled testing, vaccine manufacturing optimization, and therapeutics discovery. For more information, visit www.ginkgobioworks.com.
Ginkgo Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the potential of Ginkgo's biosecurity capabilities and acquisition of Project Beacon COVID-19 LLC. These forward-looking statements generally are identified by the words "believe," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the effect of the business combination with Soaring Eagle Acquisition Corp. ("Soaring Eagle") on Ginkgo's business relationships, performance, and business generally, (ii) risks that the business combination disrupts current plans of Ginkgo and potential difficulties in Ginkgo's employee retention, (iii) the outcome of any legal proceedings that may be instituted against Ginkgo related to its business combination with Soaring Eagle, (iv) volatility in the price of Ginkgo's securities now that it is a public company due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo plans to operate, variations in performance across competitors, changes in laws and regulations affecting Ginkgo's business and changes in the combined capital structure, (v) the ability to implement business plans, forecasts, and other expectations after the completion of the business combination, and identify and realize additional opportunities, and (vi) the risk of downturns in demand for products using synthetic biology. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC") on November 15, 2021 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations.
GINKGO BIOWORKS INVESTOR CONTACT:
investors@ginkgobioworks.com
GINKGO BIOWORKS MEDIA CONTACT:
press@ginkgobioworks.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/ginkgo-bioworks-announces-acquisition-of-massachusetts-covid-19-testing-provider-project-beacon-covid-19-llc-301463575.html
SOURCE Ginkgo Bioworks
FAQ
What is the significance of Ginkgo's acquisition of Project Beacon?
How many tests has Ginkgo's Concentric platform conducted?
What benefits does the acquisition bring to Ginkgo Bioworks?
What are the future plans for Project Beacon after being acquired?
