Brief: Metabolix announces $10 mln binding letter of intent for sale of biopolymer assets

CJ CheilJedang

22/08/2016 21:05

Aug 22 (Reuters) - Metabolix Inc  MBLX.O  
    * Announces $10 million binding letter of intent  for sale 
of biopolymer assets to CJ CheilJedang 
    * First $2 million of purchase price was paid by CJ on 
execution of LOI 
    * Remaining balance on purchase price is payable on closing 
of transaction, which is anticipated in mid-September 
    * Will transfer to CJ portfolio of intellectual property 
including platform microbial strains used to produce co's 
fermentation based products 
    * Metabolix  sees annual net cash burn rate in range of $5 
million once it has completed "transition and related 
restructuring" 
    * CJ will also acquire certain laboratory equipment 
associated with biopolymers business from co 
 
Source text for Eikon:  ID:nGNXMZZMIa  
Further company coverage:  MBLX.O  
 
 ((Bangalore.newsroom@thomsonreuters.com;))