Metabolix Inc. (Woburn, Massachusetts) said on Monday that it has entered into a binding letter of intent (LOI) with CJ CheilJedang Corp. (CJ; Seoul, South Korea) for the sale of its biopolymer intellectual property (IP) and certain laboratory equipment for $10 million. Metabolix announced in July it was looking to sell the business. CJ paid the first $2 million on the execution of the LOI, and the balance is payable on the transaction's closing, which is anticipated in mid-September.
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