In California, Genomatica announced they have received a $3.5 million upfront payment based on an agreement they have signed with Mitsubishi Chemical. The agreement calls for the two companies to exclusively negotiate definitive agreements for a joint commercial operation in Asia for the production of BDO using Genomatica’s process technology.
The payment has been made while the two companies continue to work toward completing their definitive agreements, some or all of which may be repaid upon certain conditions. The agreement continues until the earlier of June 30, 2012 or the date the companies execute a definitive agreement.
More background on the story from the Digest
Category: Chems & Materials