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SK Chemicals to Discontinue License Agreement with METabolic EXplorer

Published on 2015-11-11. Author : SpecialChem

Clermont-Ferrand -- METabolic EXplorer, a biological chemistry company that specializes in developing of bioprocesses for bio-based compounds used in a wide range of everyday products, including textile fibres, animal feed supplements and resins, is reporting on its license agreement with SK Chemicals.

METabolic EXplorer
Fig. 1: METabolic EXplorer

In the context of the license agreement entered into at the end of June 2014 between METabolic EXplorer and SK Chemicals, SK Chemicals sought in June 2015 an additional period to perform further studies in order to optimize the scope and expected value of the industrialization project of METabolic EXplorer’s PDO technology at its industrial complex located in Ulsan, South Korea.

Despite constructive discussions among the parties over the past six months, in particular within the last few weeks, SK Chemicals has notified METabolic EXplorer of its decision to terminate the license agreement and discontinue the industrialization project of the PDO in Ulsan, for its own reasons.

METabolic EXplorer expresses its great surprise about this decision in light of the progress made during this additional period, in particular with respect to improving operating and capital expenditures specific to the process. METabolic EXplorer has reserved its rights in relation to SK Chemical’s decision to terminate pending further discussion between the parties.

All exploitation rights associated with its technology revert to METabolic EXplorer on termination; accordingly, following termination, all options to commercialize its technology are again available.

This temporary setback in the PDO industrialization timetable does not undermine the company’s development strategy for its programs as a whole.

About METabolic EXplorer

METabolic EXplorer is a biological chemistry company which was incorporated in 1999. Its goal is to help industrial businesses deal with the rise in oil prices, so that they can continue their production, in a different, sustainable way.

Based on the tried and tested principle of industrial fermentation, METabolic EXplorer's solutions replace today’s petrochemical processes with 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 fibres, paints, solvents, plastics and animal feed supplements).

METabolic EXplorer is currently focusing its alternative processes on the production of three compounds that together have an estimated, annual, end-market value of €7 billion. The company's strategy will be implemented through industrial partnerships in the shape of licenses and joint ventures, as well as own-account production units.
METabolic EXplorer, based in Clermont-Ferrand, France, is listed on NYSE Euronext in Paris (Compartment C, METEX) and is part of the CAC Small index and EnterNext Tech40 label.

Source: METabolic Explorer


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