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BRIEF-Metabolix announces $10 mln binding letter of intent for sale of biopolymer assets
August 22, 2016 / 8:21 PM / a year ago

BRIEF-Metabolix announces $10 mln binding letter of intent for sale of biopolymer assets

Aug 22 (Reuters) - Metabolix Inc

* 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: Further company coverage:

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