DSM, a Netherlands-based biotech corporation with $11 billion in revenue, christened its new Sorrento Valley office recently. The office is involved in research into extracting oils from soybeans, canola and sunflower seeds.
That business formerly belonged to Verenium Corp., which sold the unit to DSM in March 2012 for $37 million, according to a securities filing.
DSM said the unit will support its business in sustainable enzyme-based yield enhancement solutions for oilseed crushing and refining industry. The local unit has about a dozen employees, and part of a global network of more than 22,000 employees, the company said.
DSM said it acquired 24 other companies or business units in the past two years, spending about 2.8 billion euros or $3.6 billion in U.S. dollars.
The office opening was attended by Mayor Bob Filner and Joseph Panetta, CEO of Biocom, the biotech industry trade group, DSM said.
In related news, Verenium Corp. reported 2012 net income of $18.3 million on revenue of $57 million. That compared with net income of $5.6 million on revenue of $61.3 million in 2011.
— Mike Allen