Issue Date: September 10, 2012
Codexis To Cut Jobs After Contract Ends
Codexis will eliminate 133 jobs, or close to 40% of its workforce, following the termination of an enzyme development agreement with Shell. In July, the enzyme developer said it was renegotiating its collaboration with Shell to allow it to develop and sell cellulase enzymes for biofuels, except in Brazil. Under the new agreement, effective Aug. 31, Codexis must pay Shell a “low single-digit” percent royalty on sales of the enzymes to outside customers. While expressing regret for the layoffs, Codexis CEO John J. Nicols says the new agreement is a milestone for cellulase enzyme commercialization.
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