Genentech Inc. said Tuesday that it is accepting bids for theauction of GLC Associates, which owns proprietary rights tonovel technology for the synthesis of vitamin C.
GLC is developing a DNA-based route for the single-stepconversion of glucose to 2-keto-L-gluconate, a keyintermediate in the synthesis of the vitamin.
Genentech of South San Francisco, Calif., is required to divestits 50 percent interest in GLC under terms of an agreementreached with the Federal Trade Commission in conjunctionwith Genentech's merger with Roche Holding Ltd. last year.Roche is a major worldwide producer of vitamins.
GLC, formed in 1985, has no products or employees. Thetechnology, which has been demonstrated in the laboratory, isprotected by two issued U.S. patents covering composition ofmatter, use and process. Other patents have been filed.
Genentech (NYSE:GNE) and its partner, Lubrizol Corp. ofCleveland, plan to sell all of GLC to a third party. VectorSecurities International Inc. of Deerfield, Ill., will handle thetransaction. Acceptance of any bid is subject to FTC approval.Interested parties must contact Vector by Nov. 15.
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