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  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses a Q&A transcript format to highlight a conflict of interest and lack of pricing negotiation power.",
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      "kind": "callout",
      "text": "Motif executive chuckled when saying they’re “independent” of Ginkgo; suggested Motif spend was controlled by a Motif “employee” who was acting in Ginkgo’s interest",
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      "text": "Motif executive chuckled when saying they’re “independent” of Ginkgo; suggested Motif spend was controlled by a Motif “employee” who was acting in Ginkgo’s interest",
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      "text": "Q: \"You sort of chuckled earlier when you said, yeah, we're independent; I think you said they try to exert control. I'm curious if you can elaborate on that - there's always that push and pull.\"\nA: \"Exactly. I would say that the person that was the director of R&D, pretty much overseeing the project, was actually a Ginkgo employee at first, so he had really little say because he was an insider from Ginkgo, so he couldn't really tell them what you're doing is not the perfect thing. I work for Motif, and I need to have the best result for Motif. And so, you can promise me everything or anything, but at the end of the day, you have to deliver commercial strains for us.\"\nQ: \"So, you're saying initially, the head of R&D at Motif was a Ginkgo employee?\"\nA: \"Well, he was a Motif employee, but he was a former Ginkgo employee, yes, that's right.\"\nQ: \"For all intents and purposes, was he acting on behalf of Motif, or was he there to make sure that Ginkgo got the right level of R&D spend from Motif?\"\nA: \"I would say that no matter what he was trying to do, if he was trying to be on the side of Motif, being an ex-Ginkgo employee and having worked on the Motif project, maybe it's a little difficult to challenge them, I would say.\"\nQ: \"Challenge them on what? The amount they wanted to charge? Or were they forcing you guys to use them?\"\nA: \"[Chuckles] Well, yes, all of the above. So, yes, the amount they charged us, there was no negotiation. I mean, the price was pretty much fixed back then by Ginkgo, I would say, very early on, and there was very little leeway and that's changed because we are now using other syn-bio companies as well because we're not exclusive. So, we can now negotiate a little more on the pricing.. They are a stakeholder. They are an equity holder of our company; they founded us. So, their investment is really equity-based for us.\" – Current Motif executive",
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      "text": "“Exactly. I would say that the person that was the director of R&D, pretty much overseeing the project, was actually a Ginkgo employee at first, so he had really little say because he was an insider from Ginkgo, so he couldn’t really tell them what you’re doing is not the perfect thing. I work for Motif, and I need to have the best result for Motif. And so, you can promise me everything or anything, but at the end of the day, you have to deliver commercial strains for us.” — Current Motif executive",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "We previously noted comments by a Motif executive who suggested that the entity’s R&D spend with Ginkgo was previously controlled by a Motif “employee” who was acting in Ginkgo’s interest instead. We speculate that the person to whom he referred is on the previous page – as he referred to “the person that was the director of R&D” at Motif.",
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