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Business

Business Roundup

June 24, 2013 | A version of this story appeared in Volume 91, Issue 25

Quinpario Acquisition Corp. has filed documents with the Securities & Exchange Commission for a $150 million initial public offering on the NASDAQ stock exchange. Quinpario, led by former Solutia CEO Jeffry N. Quinn, calls itself a “blank check” company that will use the money to acquire businesses.

La Seda de Barcelona, a Spanish producer of polyethylene terephthalate, has filed for bankruptcy with the Commercial Court of Barcelona. The firm says it has struggled for the past two years to remain profitable in the face of oversupply and high raw material costs.

Henkel and the German industrial biotech firm c-LEcta will collaborate on developing novel enzymes for laundry detergents. Henkel will bring experience in developing detergent ­enzymes, and c-LEcta will use its enzyme-engineering ­technology.

BP has received Chinese government approval to build a third purified terephthalic acid facility in Zhuhai, China. BP says the 1.25 million-metric-ton-per-year plant will raise its capacity at the site to 2.7 million metric tons and maintain its position as one of the world’s largest producers of the polyester intermediate.

Kem One, the bankrupt European polyvinyl chloride producer, has received letters from seven parties interested in acquiring it. The Swiss investment firm Klesch Group acquired Kem One from Arkema last year and subsequently sued Arkema for allegedly misrepresenting the business’s finances.

Ashland and the Finnish forest products company UPM will jointly develop UPM’s Biofibrils, which are micro- and nanofibrillated cellulose products that can shape materials and give them new characteristics. One potential application is improving the performance of polymers.

Teva Pharmaceutical Industries has agreed to acquire MicroDose Therapeutx, a privately held drug delivery firm with expertise in inhalation products for lung disease and infections. The Israeli generic drug maker will pay $40 million plus milestone payments of up to $125 million.

Eli Lilly & Co. has taken over rights to Transition Therapeutics’ TT-401, a type 2 diabetes drug candidate discovered by Lilly and licensed out. Transition will receive $7 million and then put up $14 million to help pay for Phase II studies. Transition could get $240 million in milestone payments.

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