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Codexis Cuts Staff After Shell Pulls Funding
11:40 AM MDT | September 4, 2012 | Rebecca Coons
Enzyme maker Codexis (Redwood City, CA) says it is cutting approximately 133 employees after Royal Dutch/Shell terminated their long-standing, royalty-bearing biofuels collaboration. Shell will pay Codexis the approximately $7.5 million that would have been due under the Shell Research Agreement, and Codexis will have no further research and development obligations under that agreement. The Shell Research Agreement would have expired on November 1, 2012, if not for the early termination. “These unwelcome measures were necessary in order for us to maintain a...
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