Zymergen
NEWS
Zymergen was acquired by Ginkgo Bioworks in 2022.
In an SEC filing, Zymergen revealed it was cutting 80 more jobs and parting with Zach Serber, its co-founder and chief scientific officer.
The transaction, Ginkgo’s largest acquisition to date, is expected to close by the first quarter of 2023, subject to regulatory approval and other closing conditions.
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The job cuts, which affect a variety of functions and levels, are expected to slow its cash burn rate and leave the company with sufficient funds on hand to operate until mid-2023.
Shares of Zymergen plummeted by 68% Tuesday from its April IPO price of $31 per share to just $11.7 per share after news that the company will not likely see revenue anytime soon.
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Companies closed out the year with a number of appointments and hires to strengthen their leadership teams, including changes at the FDA, Melinta, CLSA, Virion, and more.
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