Analysis ENVI

World's largest vaccine manufacturer invests in Greenlight biosciences

, Press release

GreenLight Biosciences Inc., an RNA-focused biotech ("GreenLight"), and Environmental Impact Acquisition Corp. (Nasdaq: ENVI) today announced an expansion of its PIPE financing to an aggregate $124 million in gross proceeds. The expanded financing includes a $10 million strategic investment from Serum Life Sciences Ltd, a subsidiary of Serum Institute of India Pvt. Ltd..

The world's largest vaccine manufacturer by volume, the Serum Institute sells more than 1.5 billion doses to over 160 countries; this includes national immunization programs and vaccines addressing polio, diphtheria, tetanus, pertussis, Hib, BCG, r-Hepatitis B, measles, mumps, and rubella.

Serum Institute was founded in 1966 by Dr. Cyrus Poonawalla with the aim of manufacturing life-saving immuno-biologicals, which were in shortage in the country and imported at high prices. That mission continues today.

The investment is being made under the same material terms as the $105 million common stock PIPE investment that ENVI and GreenLight announced in August 2021 as part of their proposed business combination. Serum Life Sciences Ltd will acquire shares of the publicly traded company contemporaneously with the closing of the business combination at the same price of $10 per share as existing PIPE investors.

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