WILMINGTON, Del., Nov. 10, 2015 (GLOBE NEWSWIRE) -- via PRWEB - DuPont Industrial Biosciences (DuPont) has signed an agreement to purchase enzyme and technology assets from Dyadic International, Inc., including Dyadic's C1 platform, a fungal expression technology for producing enzymes. The transaction will further extend the world-leading biotechnology capabilities of DuPont's Industrial Biosciences business.
"The C1 platform complements DuPont's world-class enzyme expression systems and provides additional operational flexibility to bring our strong innovation pipeline to market," said DuPont Industrial Biosciences President William F. Feehery. "Further, with the acquisition of Dyadic's commercial enzyme portfolio, we look forward to serving new customers and offering additional product choices to our existing customers in the animal nutrition, food and beverage, and other industrial markets."
This transaction comes at a particularly exciting time for the company as DuPont launches its cellulosic ethanol business. In July, DuPont signed an agreement to license its technology and supply enzymes to Jilin Province New Tianlong Industry Co., and is starting up its own 30-million gallon cellulosic biorefinery in Iowa. Dyadic has conducted extensive enzyme research and developed business relationships in the area of biofuels which will further support DuPont's leadership in the cellulosic space.
"We are very proud of the work the Dyadic team has done developing the C1 platform," said Mark Emalfarb, Dyadic CEO. "We believe this transaction will allow for the application of this state-of-the-art technology in multiple industries and will create value for both Dyadic and DuPont shareholders."
Under the terms of the agreement, DuPont will pay $75 million to acquire Dyadic's enzyme technologies and offerings which include the C1 technology as well as liquid and dry enzyme products used in a broad range of industries. Dyadic's research and development lab located in the Netherlands will become part of DuPont Industrial Biosciences. The proposed transaction is subject to approval by Dyadic shareholders, and would be expected to close toward the end of 2015, subject to customary closing conditions.
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com.
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11/10/15
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