Issue Date: July 14, 2008
Far Eastern Textile and its affiliates have agreed to acquire Invista's 70% stake in their jointly owned purified terephthalic acid plant. The 900,000-metric-ton-per-year fiber intermediate facility is located at the Kuanyin Industrial Park in Taiwan.
Houghton International, a Valley Forge, Pa.-based manufacturer of metalworking fluids, has agreed to acquire competitor D. A. Stuart. The transaction, subject to regulatory approval, should close later this year.
International Finance, a subsidiary of the World Bank that invests in developing countries, will spend $15 million to acquire shares in Hikal, an Indian producer of active ingredients used in pharmaceuticals and agrochemicals. Hikal has manufacturing agreements with Bayer and Evonik Industries.
Braskem has appointed Bernardo Gradin CEO. He replaces Jos?? Carlos Grubisich, who led the Brazilian chemical maker during the past seven years in its efforts to consolidate Brazil's complex petrochemical industry. Grubisich will now head ETH Bioenergia, a year-old bioenergy firm owned by Braskem's controlling shareholder, Odebrecht.
Evonik Industries and Russia's Synttech Group are assessing the construction of a plant in Russia's Republic of Komi that would make thermal blacks for the mechanical rubber goods industry. The plant would have capacity for 20,000 metric tons per year.
BASF's Elastogran subsidiary is expanding its network of Central and Eastern European urethane formulation facilities with the establishment of operations in Poland and Slovakia. It already has such systems houses in Hungary and Russia. The unit in Slovakia is scheduled to open in 2009 and the one in Poland a year later.
Seattle Genetics and Japan's Daiichi Sankyo will work together to develop antibody-drug conjugates against an antigen found on many solid tumors. Daiichi will make a $4 million up-front payment, as well as milestone and royalty payments, on any product that comes out of the collaboration.
Eli Lilly & Co. will spend $64 million to acquire San Diego-based SGX Pharmaceuticals. The deal follows a five-year collaboration between the companies during which SGX used its X-ray crystallography technology to help Lilly determine three-dimensional structures of its drug targets.
Solvay has raised its tender offer for the Belgian biotech firm Innogenetics to $315 million. Solvay, which already owns 7% of Innogenetics, made a $280 million bid for the molecular diagnostics firm in April, only to be trumped by a $334 million offer from Gen-Probe of San Diego. Gen-Probe said last week that it does not intend to increase its bid.
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