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.”