Last week, Ginkgo Bioworks, a Boston-based Biotechnology company, announced that it completed three transactions.
The first transaction is the acquistion of Patch Biosciences. Patch Biosciences has developed an artificial intelligence platform for sequence design that could create more effective, specific and durable genetic medicines. The company was backed by venture and investment firms Andreessen Horowitz, Casdin Capital and S32.
The second acquisition is of Reverie Labs. Headquartered in Cambridge, Massachusetts, Reverie Labs is a cancer therapeutics biotechnology company that built and used artificial intelligence (AI) and machine learning tools to accelerate drug discovery. The company has four candidates in its pipeline.
Ginkgo is buying Reverie’s infrastructure and software for training large-scale AI foundation models. Four of Reverie’s AI team members will join Ginkgo. Financial terms of all three deals were not disclosed.
According to data captured in the LevinPro HC database, there have been 34 Biotechnology acquisitions announced in 2024.
The third transaction is the purchase of Proof Diagnostics, a Cambridge, Massachusetts-based start-up diagnostics company developing improved CRISPR-based diagnostic tools, including COVID-19 molecular tests to help communities take control of their health.
This acquisition will expand Ginkgo’s gene editing service offerings for its customers. This transaction marks the 25th Laboratories, MRI and Dialysis transaction of 2024 with 14 of them in the diagnostics specialty. In 2022, 125 Laboratories, MRI and Dialysis transactions were reported.
Ginkgo Bioworks’ technology platform uses biology to produce products for consumer goods markets, including fragrances, cosmetics, nutrition, food, agriculture and pharmaceuticals. The company reported revenues of $98.3 million for the quarter ended December 2022, a 33.8% drop from year-ago revenues of $148.5 million.
