Zymergen cleared to sell assets to Ginkgo Bioworks and Pivot Bio

By Sarah Lizee

Olympia, Wash., Dec. 22 – Zymergen Inc. gained approval to sell most of its assets to parent company and stalking horse bidder Ginkgo Bioworks Inc., and certain other assets to Pivot Bio., Inc., according to orders filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Ginkgo Bioworks will purchase the assets for $7.5 million minus the greater of (a) $1.15 million plus the Pivot expense reimbursement and (b) $1.2 million.

Pivot Bio., Inc. will purchase the other assets for $2.3 million.

The Emeryville, Calif.-based biotech company filed bankruptcy on Oct. 3 under Chapter 11 case number 23-11661.

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