Clermont-Ferrand, December 7, 2016 – METabolic EXplorer (FR004177046 – METEX), a biological chemistry company that specialises in developing manufacturing bioprocesses for bio-based compounds used in a wide range of everyday products, including textile fibres, animal feed supplements and resins, announces that it has completed the transfer, announced on November 28, of METEX's entire technology portfolio for the fermentative production of methionine, as well as patents, essential bacteria strains, and the inoLa™ brand, for a lump sum of EUR 40 million.
METEX will receive an additional amount from Evonik of EUR 5 million, paid over the next two years, under a transfer services agreement to provide technical assistance to Evonik and allow a smooth transfer of the methionine technology.
Following this transaction, which confirms METEX's technical leadership, the company has a gross cash position of EUR 43.5 million and a net cash position of EUR 36.5 million (in each case as defined by the applicable IFRS). With a renewed FINANCIAL visibility, the company will be able to carry out the industrialization and the valuation of its technologies, in particular the PDO and the MPG. The Company will present its strategic plan at its annual results presentation on March 28, 2017.
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About METabolic EXplorer
METabolic EXplorer is a biological chemistry company founded in 1999. Its aim is to harness its biotechnological innovations to contribute to alternative production methods for consumer goods that are safe for the environment and that meet new social expectations of consumers. Based on the tried and tested principle of industrial fermentation, METabolic EXplorer's solutions replace today's petrochemical processes through the use of a wide range of plant-based raw materials. By optimizing the metabolic yield of non-pathogenic bacteria in a contained, controlled environment, the company facilitates the production of chemical compounds used in a wide range of everyday goods (textile fibers, plastics, resins, solvents, or feed supplements for animal nutrition and health). METabolic EXplorer, based in Clermont-Ferrand, France, is listed on Euronext in Paris (Compartment C, METEX) and is part of the CAC Small index.
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In so far as forecasts or expectations are expressed in this press release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Neither Evonik Industries AG nor ITS GROUP companies assume an obligation to update the forecasts, expectations or statements contained in this release.