[Courtesy of CJ Cheiljedang]
South Korean food company CJ Cheiljedang Corp. said Tuesday it has agreed to acquire biopolymer intellectual property and certain laboratory equipment from US venture firm Metabolix for 10 million US dollars.
CJ said a letter of intent has been signed with Metabolix, an advanced biomaterials company focused on sustainable solutions for the plastics and chemicals industries. The transaction would be closed in mid-September.
Metabolix, based in Woburn, Mass., will transfer a portfolio of intellectual property including the platform microbial strains used to produce its fermentation-based products, as well as patent rights covering the production and use of PHA biopolymers.
The South Korean company will also acquire certain laboratory equipment associated with the biopolymers business. The deal is part of CJ Cheiljedang's push to strengthen its eco-friendly bio business.
Metabolix has announced its new strategic direction to rebrand itself as Yield10 Bioscience with a focus on developing disruptive technologies for step-change improvements in crop yield.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
