US Verenium wraps up biofuels business sale to BP

Posted on: Fri, 03 Sep 2010 01:45:51 EDT

Sep 03, 2010 (MANAVIGATOR via COMTEX) --
US enzyme development company Verenium Corporation (NASDAQ: VRNM | PowerRating) said yesterday it has completed the sale of its cellulosic biofuels business to BP Biofuels North America, part of BP (LON:BP), for USD98.3m (EUR76.7m). The deal includes Verenium's sites in Jennings and San Diego as well as research and development facilities. Besides, BP became the only owner of Vercipia Biofuels and Galaxy Biofuels, two joint ventures set up with Verenium in the past. Under the terms of the agreement, Verenium maintained its commercial enzyme operations, including its biofuels enzymes products. The company plans to use the proceeds from the deal to expand its core business. UBS Investment Bank was the financial consultant to Verenium, which was also legally advised by Cooley LLP. DLA Piper LLP (US) acted as legal advisor to BP.