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Verenium enters agreement with Tate & Lyle
Verenium Corporation, an industrial biotechnology company focused on the development and commercialisation of high-performance enzymes, has entered an agreement with Tate & Lyle for the use of one of its proprietary enzyme products in the development of novel food ingredients.
James Levine, president and CEO at Verenium, said: “We are pleased that our unique enzymes provide the characteristics required to develop new, novel products and that our advanced enzyme technology is enabling Tate & Lyle to accelerate work on an innovative food ingredients programme.
“This collaboration is further testament to the power and potential of our technology platform and products, and the value they can represent to leading companies.”
Under the terms of the agreement, Tate & Lyle receives a technology license with exclusivity assurances in the field of development. Verenium receives $1.5m in near term milestone payments, revenues from enzyme product sales, and a royalty on Tate & Lyle’s future sales.
Source: Verenium
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