Enzyme commercialization company Verenium Corp. (NASDAQ: VRNM) has announced the sale of several of its assets to Dutch firm DSM Food Specialties B.V., a business group of Royal DSM. The sale includes Verenium’s oilseed processing business, licenses for some enzymes aimed at the food and beverage market, and DSM will also get access to Vereniums gene libraries. Verenium will receive total compensation of $37 million.
Verenium’s big product was supposed to be an enzyme to speed up and maker cheaper the manufacture of cellulosic ethanol. Like other custom enzyme companies such as Codexis Inc. (NASDAQ: CDXS) and Solazyme Inc. (NASDAQ: SZYM), Verenium has had to turn to food and other products to make ends meet until the ethanol ship comes in.
Investors are very happy with the sale. Just before the market opens this morning, Verenium’s shares are up more than 36% at $4.20, which will be a new 52-week high if it holds.