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Obama Attends Signing of Verdezyne's $48M Investment Deal in Malaysia

Verdezyne and Sime Darby inked a $48M deal in a ceremony attended by President Barack Obama

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    AP
    President Barack Obama, standing right, and Malaysian Prime Minister Najib Razak, standing left, applaud as Bill Radany, president & CEO of Verdezyne, right, and Tan Sri Dato' Seri Mohd Bakke Salleh, President & Group Chief Executive of Sime Darby Berhad, left, participate in the signing of major commercial agreements with American businesses at the Ritz-Carlton in Kuala Lumpur, Malaysia, Monday, April 28, 2014. (AP Photo/Carolyn Kaster)

    Carlsbad industrial biotech Verdezyne Inc. will receive a $48 million investment from Malaysia-based multinational conglomerate Sime Darby Berhad.

    The agreement was signed by Verdezyne and Sime Darby executives April 28, in a ceremony attended by President Barack Obama and Malaysian Prime Minister Dato’ Sri Najib Razak.

    Verdezyne is developing unique yeast strains to produce industrial chemicals.

    Verdezyne President and CEO William Radany said the dignitary-studded deal signing “speaks to the significance of this agreement for the renewable chemicals space and strengthening ties between the U.S. and Malaysia.”

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