Verenium Partners with Tate & Lyle to Develop Novel Food Ingredients
"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."
Jan 31 2012 --- Verenium Corporation, a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, announced an agreement with Tate & Lyle for the use of one of its proprietary enzyme products in the development of novel food ingredients.
"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 program," said James Levine, President and Chief Executive Officer at Verenium. "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 $1.5 million in near term milestone payments, revenues from enzyme product sales, and a royalty on Tate & Lyle's future sales.
"We are very enthusiastic about our collaboration with Verenium and look forward to future success as we move toward the commercialization of new, novel food ingredients," said Mike Golembieski, Senior Vice President, Business Development at Tate & Lyle.
