Total M&A deal volume activity was low and unchanged in the aggregate from the previous quarter, as Table 2 below shows.
During the quarter, CelSys Biofuels, Inc. (no website) of Fishers, Indiana was acquired by Mascoma Corporation for an undisclosed amount. CelSys was founded in 2006 to commercialize cellulosic ethanol production technology developed in the Laboratory of Renewable Resources Engineering at Purdue University. With the ethanol industry continuing to receive large government subsidies, it was no surprise that the company was acquired early in its development stage.
The acquiring firm, Mascoma, is backed by a large syndicate of top tier venture capital investors, including Kleiner Perkins Caufield & Byers, Khosla Ventures and General Catalyst Partners among others. Mascoma has received $34 million in its first two rounds of funding.
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