Verenium Corporation (VRNM)

[mlkrborn]

Verenium spikes 20% in pre-market trading; co announced earlier that it has completed a $37 million sale of certain assets to DSM (VRNM) 3.09 : Co announced it has closed a transaction with DSM Food Specialties B.V., a business group of Royal DSM, in which Verenium has sold to DSM its Oilseed Processing business, licensed certain enzymes for use in the food and beverage markets, and will provide access to new gene libraries to be developed by Verenium. Verenium will receive $37 million in total consideration, including transaction and related expenses, on Monday, March 26, 2012. Verenium will develop new gene libraries for use by DSM. Both companies will have full access to the libraries for the purpose of identifying new product opportunities. This transaction does not impact Verenium's existing gene libraries. The products acquired by DSM represented approximately $7.5 million in revenue to Verenium in 2011.