Metabolix explores strategic alternatives biopolymers, crop science biz

Metabolix explores strategic alternatives for biopolymers, crop science biz

7:55 AM, 17th May 2016
Metabolix explores strategic alternatives for biopolymers, crop science biz

CAMBRIDGE, US: Metabolix Inc said it is exploring strategic alternatives for its specialty biopolymers and Yield10 crop science business. The company cited outside strategic interest in its biopolymers business as well as a challenging financing environment as key considerations leading to this development.

Strategic alternatives may include selling the company’s specialty biopolymers business to a third party with strategic interest in acquiring the business, and either refocusing the company’s resources on development and commercialization of Yield10 Bioscience or potentially selling the Yield10 business as well.

Metabolix is currently engaged in discussions with interested parties regarding the potential sale of the specialty biopolymers business as an operating business. The company has been working on the potential “spin out” of Yield10 Bioscience for the past several months and is currently gauging interest among agriculture industry players and venture investors for the potential sale of Yield10 as an alternative to continuing to develop the crop science business internally.

As of 31 March, it had unrestricted cash and cash equivalents of approximately $5.3 million. The company is seeking additional funding to complete its review of strategic alternatives. Apart from financing facility with Aspire Capital, it is exploring availability of additional financing.

If Metabolix is not able to secure additional capital resources before the end of May, it will be forced to wind down operations and pursue options for liquidating the company’s assets, including inventory, equipment and intellectual property, it said.

© Worldofchemicals News



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