BioAmber and Reverdia Sign Non-Assert Agreement for Biosuccinium Technology
GELEEN, the Netherlands - Reverdia has signed a non-assert agreement concerning its Biosuccinium™ technology with BioAmber Inc. Reverdia and BioAmber Inc. are both involved in the production and commercialization of bio-based succinic acid using their own unique proprietary yeast-based technologies.
Pursuant to the key provisions of this agreement, BioAmber will benefit from non-assertion covenants with respect to certain intellectual property rights of Reverdia in the field of bio-based succinic acid in exchange for undisclosed financial consideration. Furthermore, the agreement provides assurance to both BioAmber and Reverdia in regards to the implementation of their respective businesses using their own unique, proprietary yeast-based technologies.
“In today’s increasingly complex intellectual property environment, the conclusion of this agreement illustrates how two proactive companies operating in the same field can find a constructive solution that allows them to focus on the execution of their respective business plans rather than seeking confrontation and conflict,” said JF Huc, BioAmber’s Chief Executive Officer. “It allows BioAmber to eliminate the risk of litigation and uncertainty at a predictable cost,” he added.
”This agreement demonstrates that Reverdia’s Biosuccinium low-pH yeast technology is a leading technology in the field of bio-based succinic acid and that by working with partners in the industry, we will speed up the adoption of bio-based materials and validate bio-based succinic acid as a key building block for the bio-based economy,” said Marcel Lubben, Reverdia’s President. “It is our belief that the yeast-based technologies have a significant competitive advantage over bacterial-based technologies for the production of bio-based succinic acid,” he added.
Both Marcel Lubben and Jean-Francois Huc believe that the market for succinic acid will benefit from having strong players able to deliver on the rapidly growing demand in bio-plastics, polyurethanes, solvents, coatings and other applications.