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Business

Business Roundup

April 6, 2015 | APPEARED IN VOLUME 93, ISSUE 14

Reichhold says most of its U.S. business has been acquired by a group of investors led by Black Diamond Capital Management in a deal that will strengthen its balance sheet. Reichhold, a maker of unsaturated polyester resins, declared bankruptcy in October 2014.

AkzoNobel plans to invest more than $20 million to modernize its organic peroxide plants in Mons, Belgium, and Pasadena, Texas. The company, which calls itself the world’s leading producer of organic peroxides, says the project will also increase capacity.

Solvay plans to increase its North American hydrogen peroxide capacity by 20% by expanding its Longview, Wash., facility. The company, which calls itself the world’s largest H2O2 producer, says the project will meet growing demand from pulp and paper producers.

BASF will spend about $10 million to boost capacity for its Paliocrom effect pigments in Ludwigshafen, Germany, by more than 20%. Demand for the aluminum-based pigments is growing in the automotive coatings sector, the firm says.

Hitachi Chemical will establish its North American chemical mechanical planarization headquarters at SUNY Polytechnic Institute’s Colleges of Nanoscale Science & Engineering. The Japanese firm is expected to invest $1.5 million.

Evolva, a synthetic biology firm, has partnered with Valent BioSciences, a subsidiary of Sumitomo Chemical, on a four- or five-year, $15 million effort to codevelop bioactive products for agriculture. The products, which will be made using yeast, can be used in both conventional and organic agriculture.

ImmunoGen has sold up to $260 million in royalties to TPG Special Situations Partners for $200 million. The royalties will come from sales of Roche’s drug Kadcyla, developed using ImmunoGen’s antibody-drug conjugate technology. TPG will receive 15% and ImmunoGen 85% of any subsequent royalties.

Sarepta Therapeutics CEO Christopher Gar­abedian has stepped down, and Chief Medical Officer Edward Kaye, who previously led clinical development at Genzyme, will serve as interim CEO. The leadership shake-up comes amid strife between the biotech firm and FDA over the approval pathway for the Duchenne muscular dystrophy treatment eteplirsen.

Merck Serono will acquire the investigational antimalarial compound DDD107498 from Medicines for Malaria Venture. The compound originated from a collaboration between MMV and two professors at Scotland’s University of Dundee.

 

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