Ginkgo, in search of more cell therapy tools, buys another startup

02 Apr 2024
www.biopharmadive.com
AcquisitionCell TherapyGene TherapyImmunotherapy
Ginkgo Bioworks is expanding its ability to help other companies make cell and gene therapies, this time by acquiring a startup with tools to improve cell-based treatments.
Ginkgo on Tuesday announced it has bought Modulus Therapeutics, a Seattle-based biotechnology startup. Ginkgo didn’t disclose the financial terms, but noted in a statement that the technology Modulus owns has the potential to boost the safety and efficacy of cell therapies.
Modulus is one of many startups exploring cell therapy for autoimmune conditions, rather than the blood cancers that approved cellular medicines are now used to treat. While Modulus formed in 2020 with a focus on oncology and raised close to $4 million in seed funding a year later, its website now bills the company as an autoimmune cell therapy maker. It hasn’t announced any further funding rounds.
The company claims it has tools to discover new ”CARs,” the engineered protein receptors that immune cells use to seek out targets. It's also developing so-called switch receptors, which would allow for better control of how its cell therapies activate and carry out their cancer-seeking work.
Ginkgo said these tools will complement assets it’s acquired via several deals this year to help other companies develop new therapies. A takeover of gene editing startup Proof Diagnostics, for instance, gave it a library of DNA-cutting enzymes, while deals for Patch Biosciences and Reverie Labs added artificial intelligence capabilities.
Modulus “has built an array of incredible cell therapy assets that we are excited to add into the significant cell therapy capabilities Ginkgo has developed to date,” said Ginkgo CEO Jason Kelly, in a statement.
Ginkgo has yet to see its efforts pay off with a higher share price, however. The company’s stock has tumbled since it went public in 2021 via a special purpose acquisition company, or SPAC, that valued it at $15 billion. Shares closed slightly above $1 apiece on Monday, for a market capitalization of about $2.2 billion.
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