Ginkgo Bioworks Gets Approval for up to $1.1 Billion Loan from US DFC
Posted on 11/25/2020
Ginkgo Bioworks is an American biotech company founded in 2009 by scientists from MIT and headed by Tom Knight. Ginkgo Bioworks announced that the U.S. International Development Finance Corporation (DFC) has approved a loan of up to US$ 1.1 billion, enabling Ginkgo to expand ongoing biosecurity efforts. These include optimizing the manufacturing of COVID-19 vaccines, delivering widespread testing, and building the infrastructure needed to help identify, prevent, and respond to future pandemics. Under the Defense Production Act (DPA), DFC, in coordination with the U.S. Departments of Defense (DOD) and Health and Human Services (HHS), supports domestic initiatives that will aid in the fight against COVID-19 within the United States.
Investors in Ginkgo Bioworks include General Atlantic, Viking Global Investors, and Bill Gates’ investment firm Cascade Investment.
“DFC is proud to support this American company in the fight against COVID-19,” said DFC Chief Executive Officer Adam Boehler in a press release. “Ginkgo is working to provide Americans with needed testing capacity and vaccine supplies which will facilitate our recovery from this global pandemic.”
In May 2020, Ginkgo launched Concentric by Ginkgo, a set of products focused on large-scale SARS-CoV-2 testing. U.S. International Development Finance Corporation (DFC) is America’s development bank.