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Article: Symyx Signs ExxonMobil Deal: $200M For Fuel-Products Work.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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National Editor
About two months after spinning off a therapeutics company based on its high-throughput technology, Symyx Technologies Inc. has entered a five-year deal worth at least $200 million to apply the same methods in research with fuel giant ExxonMobil.
Symyx's stock (NASDAQ:SMMX) closed Tuesday at $19.20, up $2.87, or 17.6 percent.
The deal "doesn't have anything whatsoever to do with that subsidiary working in the drug-discovery field," Steven Goldby, chairman and CEO of Santa Clara, Calif.-based Symyx, said during a conference call. Instead, it dramatically broadens a relationship already in place with ExxonMobil, of Irving, Texas.