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DNA synthesis

The investment bank said that while Twist's biopharma and DNA-based data storage businesses offer upside, the timelines for generating revenues are unclear.

Originally, the company had said it was planning to offer $250 million worth of shares in the offering, which is expected to close Dec. 7.

Included in the offering — Twist Bioscience's third this year — are 75,000 shares of common stock offered by certain selling shareholders.

The firm is also pursuing advances in its manufacturing and ordering processes that it says will help it scale to $500 million in annual revenues.

Total fiscal fourth quarter revenues more than doubled while the synthetic DNA maker's fiscal 2020 revenues grew 66 percent to $90.1 million.

Illumina, Twist Bioscience, Western Digital, and Microsoft are teaming up with others to make DNA-based data storage technologies interoperable.

The company, based in Heidelberg, Germany, attributed the revenue decline to a reduction in US sales following the closure of its San Diego site.

The synbio company offers scale and lower costs in "massive" end markets, SVB Leerink analysts said, and could soon command an even more attractive valuation.

The funding will allow the company to accelerate development of its DNA synthesis technology, hire staff, build an R&D facility, and establish industrial partnerships.

The companies, which have been working since early 2019, will work together on Evonetix's first product, a desktop DNA synthesizer.

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