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Verenium Corp., a Cambridge commercial enzyme developer, has closed the $98.3 million sale of its cellulosic biofuels business to BP Biofuels North America today. The deal was first announced in July.
As part of the acquisition, Verenium’s pilot plant and demonstration-scale facility in Jennings, La., is now owned by BP. BP also takes over the Cambridge company’s research and development facilities in San Diego and its technology and intellectual property stemming from Verenium’s cellulosic biofuels and cellulosic enzymes. Vercipia Biofuels and Galaxy Biofuels, previously a joint venture between the two companies, is now solely owned by BP.
Under terms of the deal, Verenium still has its commercial enzyme firm, certain R&D capabilities and the rights to develop its cellulosic enzymes.
“Select personnel” from Verenium (Nasdaq: VRNM), none of whom are named in a Verenium press release, are staying on with BP to continue biofuels development.
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