Verenium is a bioscience company that uses bacteria and fungi to create industrial enzyme solutions. The rise in its stock in the last week had to do with a major recent transaction. Verenium sold its oilseed processing business, and granted enzyme licenses and access to gene libraries, to Royal DSM for $37 million.
"We are pleased to have secured this capital without issuing new shares, and believe we have positioned ourselves to create value for shareholders. As a result of this transaction, we are able to retire our remaining debt and create a capital structure appropriate for our business. We are now better positioned to invest in our current commercial products and pipeline and focus on driving long term value,” Jeff Black, chief financial officer at Verenium, said in a statement.