(WSJ) Greenlight Biosciences Inc. is teaming up with a blank check company Environmental Impact Acquisition Corporation, in an IPO deal that will put its valuation up to $1.5 billion.
The SPAC deal happens as the Boston biotech Greenlight seeks to build RNA-based alternatives to herbicides and pesticides.
Greenlight Biosciences is also among the firms pushing to produce messenger RNA Covid-19 vaccines.
The company is expected to make $280 million from the deal and from the $105 million held in Private Investment in Public Equity.
Investors in the PIPE associated with the deal include BNP Paribas and the Jeremy and Hannelore Grantham Environmental Trust.
Greenlight’s SPAC deal adds to the growing popularity of blank check listings, with over $120 billion this year.
