Metabolix (MBLX) Enters LOI to Sell Biopolymer Assets in $10M Deal
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Metabolix Announces $10 Million Binding Letter of Intent for Sale of Biopolymer Assets to CJ CheilJedang
August 22, 2016 4:05 PM EDTWOBURN, Mass., Aug. 22, 2016 (GLOBE NEWSWIRE) -- Metabolix, Inc. (NASDAQ: MBLX) announced today that it has entered into a binding letter of intent (LOI) with CJ CheilJedang Corporation (CJ) for the sale of its biopolymer intellectual property and certain laboratory equipment for a total purchase price of $10 million. The first $2 million of the purchase price was paid by CJ on execution of the LOI and the remaining balance is payable on closing of the transaction, which is anticipated in mid-September. Completion of the transaction is subject to the negotiation of definitive agreements and other customary... More
