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CJ Cheiljedang to buy research and patent assets of Metabolix

Collected: 2016.08.24

Distributed: 2016.08.25

Source: Go Direct

South Korea’s retail conglomerate CJ CheilJedang Corp. said Tuesday that it has submitted a binding letter of intent (LOI) to purchase research and patented sources in bioengineering from U.S. bio venture company Metabolix Inc. for $10 million.

The transaction to be complete in mid-September will allow CJ to secure a portfolio of Metabolix’s intellectual property including the platform microbial strains used to produce the company’s fermentation based products, as well as patent rights covering the production and use of PHA biopolymers. CJ will also acquire laboratory equipment associated with the biopolymers business. The arrangement will also include a sublease to CJ of a portion of Metabolix’s Woburn, Massachusetts facility.

Roh Hang-duk, head of CJ Cheiljedang BIO said that the latest deal has paved a way for the Korean firm to be leading player in the bio industry using biomaterials.

Metabolix, founded in 1992 and headquartered in Boston, Massachusetts, manufactures advanced biomaterials and bioplastics.

By Jeon Ji-hyun

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