GreenLight Biosciences Inc., a biotech focused on RNA, and Environmental Impact Acquisition Corp. announced today that its PIPE financing had been expanded to a total of $124 million in gross proceeds. In addition, serum Life Sciences Ltd., a subsidiary of Serum Institute of India Pvt. Ltd., has made a strategic investment of $10 million in the increased funding. The Serum Institute, the world’s largest vaccine maker by volume, sells over 1.5 billion doses of vaccines to over 160 nations.
It includes national immunization programs and vaccines for polio, diphtheria, tetanus, pertussis, Hib, BCG, r-Hepatitis B, measles, mumps, and rubella. Serum Life Sciences’ chairperson, Natasha Poonawalla, stated, “Serum Life Sciences is happy to participate in the future of GreenLight Biosciences, intending to expedite the development and delivery of RNA vaccines.
The investment is made on the same conditions as ENVI and GreenLight $105 million joint-stock PIPE investment, announced in August 2021 as part of their proposed business combination. Serum Life Sciences Ltd will purchase shares of the publicly traded firm at the same $10 per share price as existing PIPE investors when the business combination closes.