US biotech GreenLight will go public with a “spac”

By: MRT Desk

Published on:

US biotech GreenLight will go public with a "spac"

New York, Aug 10 (EFE) .- The US biotechnology company GreenLight Biosciences announced on Tuesday its merger with a “spac” (a company with a special purpose of purchase) to go public, in an operation that values ​​the firm specialized in Messenger RNA at about $ 1.5 billion.

GreenLight, in a statement, said it expects the transaction to bring it $ 282 million and another $ 105 million in committed financing to accelerate its activities.

Founded in 2008, the Boston-based company specializes in developing vaccines and other products based on messenger RNA, the technology behind Pfizer / BioNTech and Moderna’s covid-19 vaccines. .

Among other things, GreenLight is working on messenger RNA flu vaccines and sustainable alternatives to pesticides using the same technology.

To go public, the company will be combined with the “spac” Environmental Impact Acquisition Corp., which is backed by investment bank Canaccord Genuity Group.

These types of vehicles are idle companies that go on the market to later buy another company and have become a common formula used by firms seeking to start trading on Wall Street.

“We are delighted to partner with Environmental Impact Acquisition Corp. to accelerate our vision and advance the delivery of solutions where they are needed most, with shared goals to pave the way to a sustainable planet with widely available and affordable RNA,” he said in a note. Andrey Zarur, the CEO of GreenLight.

(c) EFE Agency

Article Source