When Ginkgo Bioworks went public last September the US biotechnology group proved as irresistible to investors as it had to the Wall Street banks that helped make the listing happen.
Propelled on to the public market after merging with a special purpose acquisition company set up by former Hollywood executives, Ginkgo shares surged in the first few weeks of trading.
The performance appeared vindication for the army of advisers who, according to regulatory filings, reaped roughly $135mn in fees from the listing of the Spac and its subsequent merger with Ginkgo.
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