Why Ginkgo Bioworks Stock Is Surging Higher Today
Ginkgo Bioworks (NYSE: DNA) is having a strong showing today. Specifically, the synthetic biology company's shares were up by 10.1% on heavy volume as of 9:57 a.m. ET Wednesday morning.
What's behind this double-digit uptick? Ahead of the opening bell, Ginkgo Bioworks announced an RNA-based drug development collaboration with biopharma heavyweight (NYSE: PFE).
Per the terms of the deal, Ginkgo Bioworks will receive an upfront cash payment (amount undisclosed at the time of this writing), along with the right to research fees and development and commercial milestone payments, for a total potential value of up to $331 million for three programs. The synthetic biology pioneer is also eligible to receive royalty payments on any commercial-stage products arising from the collaboration, although the exact details weren't released on this point, either.
Source Fool.com
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