Verenium Corporation (now part of BASF) is an industrial biotechnology company developing enzymes for industrial processes that is headquartered in San Diego, California and was founded in 2007 after the merger of Celunol and Diversa. The companies products are used in the following industries: grain and oilseed processing, biofuels, animal health and nutrition, and other specialty industrial processes.
Sale of cellulosic biofuels business
In 2010, Verenium Corporation sold their cellulosic biofuels business to BP Biofuels North America for $98.3 million. The transaction gave BP Biofuels North America Verenium Corporation's facilities in Jennings, Louisiana, the companies pilot plant and demonstration facility, their research and development facility in San Diego, California, their cellulosic biofuels business, and their cellulosic enzyme technology and related intellectual property.
On September 20, 2013 Verenium Corporation was bought by BASF for $4 per share, which was approximately 56% higher than Verenium Corporation's six-month moving average, for a total of approximately $62 million in cash. For the year prior Verenium Corporation being purchased by BASF, the company had posted sales of $57 million and had approximately 110 employees.