Issue Date: September 15, 2008
Dow Chemical will give $1 million to the College of Chemistry at the University of California, Berkeley, to establish the Dow Chair in Sustainable Chemistry. The gift is part of a $10 million commitment Dow made in 2007 to fund sustainability programs at Berkeley for five years.
Dow Corning and Elevance Renewable Sciences have signed a joint development and marketing agreement to create naturally derived ingredients for the personal care market. The partners have already developed two soy wax products for skin care, color cosmetics, and hair care.
Sasol has earmarked $70 million to double production of hard waxes in South Africa. The project will be in two phases to be completed in 2011 and 2013. The synthetic waxes are used in hot-melt adhesives, polymers, inks, bitumen modifiers, and other applications.
Allergan will pay $6.25 million for rights to small-molecule prostaglandin receptor agonists discovered by Asterand, a human tissue provider. According to Asterand, the compounds have been shown in preclinical studies to be effective in reducing intraocular pressure.
ImClone Systems says it has determined that Bristol-Myers Squibb's $60.00-per-share takeover offer is inadequate. According to the biopharmaceutical firm, a "large pharmaceutical company" has offered to buy it for $70.00 per share, subject to due diligence.
InterMed Discovery and Biotropics Malaysia Berhad, the Malaysian government's investment arm, will collaborate on herbal-based active ingredients for the pharmaceutical and consumer products industries. InterMed was formed in the 2006 management buyout of Bayer's natural products research unit.
King Pharmaceuticals says Alpharma has rejected an enhanced takeover offer of $37.00 per share, $4.00 above an offer King made public in August (C&EN, Sept. 1, page 25). In light of the rejection, King CEO Brian A. Markison says he is taking the enhanced offer "directly to Alpharma shareholders."
Evonik Industries is expanding the capacity of its hydrogen peroxide plant in South Africa. The $4.2 million project will boost capacity by 50% to 15,000 metric tons per year in the first half of 2009.
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