GreenLight Biosciences Inc., is combining with a SPAC firm to go public in a deal that values the RNA-technology firm around $1.5 billion, according to a report by The Wall Street Journal on Tuesday.
- The developer of mRNA vaccines, Greenlight, is working on RNA-based sustainable options for pesticides and herbicides.
- The Boston-based company is keen on overcoming the challenges of making vaccines at scale by reproducing cell growth without using live cells.
- GreenLight is integrating with the SPAC Environmental Impact Acquisition Corp., backed by investment bank Canaccord Genuity Group Inc.
- Greenlight is one of the numerous companies on the clock to produce mRNA shots for the seasonal flu and hopes to make one for fighting against sickle-cell disease.
The company is projected to generate about $280 million in cash from the SPAC deal through the money held by the SPAC and a $105 million private investment in public equity associated with the deal.