CJ takes over US bio venture Metabolix’s assets for US$10m

[THE INVESTOR] CJ CheilJedang announced Aug. 23 that it has turned in a binding letter of intent with Metabolix for the sale of the US bio venture company’s biopolymer intellectual property and laboratory equipment for US$10 million.

Under the agreement to be fully implemented by mid-September, CJ will secure a research and development lab in Boston, Massachusetts, further bolstering its competitiveness in the environmentally friendly bio industry. 

The South Korean conglomerate will focus on PHA biopolymers as it takes over the patent rights of production and use, and pursue new bio material businesses as its new source of growth.

Metabolix was established in 1992 and is an advanced biomaterials company specializing in microbial genetics and biopolymer for industrial use.

By Hwang You-mee (glamazon@heraldcorp.com)