- Elanco Animal Health Incorporated (NYSE:ELAN) and Ginkgo Bioworks Holdings Inc (NYSE:DNA) have launched BiomEdit, a microbiome innovation company.
- BiomEdit will discover, develop and introduce novel probiotics, bioactive molecules, engineered microbial medicines, and microbial monitoring services for animal health.
- In October last year, Elanco announced its intention to carve out its microbiome platform and pipeline under the leadership of Aaron Schacht, BiomEdit CEO and former Elanco EVP of Innovation, Regulatory, and Business Development, to concentrate and focus more resources on its late-stage Pet Health pipeline.
- In addition to Elanco and Ginkgo's assets and intellectual property, BiomEdit is launching with a targeted Series A funding raise of $40 million, with participation by Viking Global Investors and Anterra Capital.
- In exchange for their respective asset and intellectual property contributions, Elanco and Ginkgo are expected to retain approximately 40% combined proportional ownership of BiomEdit.
- Price Action: ELAN shares are down 0.27% at $26.18, and DNA stock is down 3.97% at $3.39 during the market session on the last check Monday.
