LCY Chemical Corp. and Visolis Inc completed the acquisition of certain assets of BioAmber Inc., BioAmber Canada Inc. and BioAmber Sarnia Inc.
October 21, 2018
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LCY Chemical Corp. (TSEC:1704) and Visolis Inc agreed to acquire certain assets of BioAmber Inc., BioAmber Canada Inc. and BioAmber Sarnia Inc. for $4.3 million on August 31, 2018. The purchasers have made a deposit of $0.33 million and will pay the remaining consideration at closing. LCY Chemical Corp. (TSEC:1704) and Visolis Inc entered into an agreement to acquire certain assets of BioAmber Inc., BioAmber Canada Inc. and BioAmber Sarnia Inc. on September 14, 2018. The assets comprised all of Bioamber's assets, save and except for the cash, accounts receivable and inventory of BioAmber, and also excluded certain U.S. based office equipment. The purchasers did not seek the assignment of BioAmber’s contracts, which meant that certain intellectual property under license from third parties was also not transferred to BioAmber. Following the acquisition, the acquired assets will be held by newly created LCY Biotechnology Inc. The transaction is subject to approval of the bankruptcy court. The transaction was approved by the Quebec Superior Court of Justice on September 18, 2018, and by the United States Bankruptcy Court for the District of Delaware on October 9, 2018. Marc Duchesne of Borden Ladner Gervais LLP acted as legal advisor to PricewaterhouseCoopers, Inc., monitor to the sellers. Luc Morin and Ashby of Norton Rose Fulbright Canada LLP acted as legal advisor to the purchasers. Bernard Boucher of Blake, Cassels & Graydon LLP acted as legal advisor to the sellers.
LCY Chemical Corp. (TSEC:1704) and Visolis Inc completed the acquisition of certain assets of BioAmber Inc., BioAmber Canada Inc. and BioAmber Sarnia Inc. on October 22, 2018.
BioAmber Inc. (BioAmber), formerly DNP Green Technology, Inc., is an industrial biotechnology company, which produces sustainable chemicals. The Company's technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstocks into sustainable chemicals that are replacements for petroleum-derived chemicals, which are used in a range of everyday products, including plastics, food additives and personal care products. Its geographical segments include Europe and North America. Its product pipeline includes the derivatives of bio-succinic acid, such as 1,4 Butanediol (1,4 BDO) and tetrahydrofuran (THF), and succinic acid-based polyesters, and C6 building block chemicals, such as adipic acid, caprolactam and hexamethylenediamine (HMDA). Its products are used in various applications, including polyurethanes, resins and coatings, de-icing and coolant solutions, fine chemicals, lubricants, carpets, engineering plastics and artificial leather products.