Business Roundup

Reichhold and Polynt got the go-ahead for their merger from the European Commission, provided Reichhold divests its Étain, France, unsaturated polyester resins plant to a buyer approved by the commission. In April, Reichhold penned a deal to sell the Étain plant to Ashland.

Covestro will expand by 50% to 600,000 metric tons per year the capacity of its recently-expanded polycarbonate plant in Shanghai. The company will raise capacity not by building new production lines but by upgrading equipment on the units that are currently operating.

Cargill has acquired BioBased Technologies, a maker of vegetable-based polyols based in Rogers, Ark. The business’s production method will bring to Cargill flexible foam products with high biobased content.

Vivet Therapeutics, a Paris-based biotech start-up, has raised $41.7 million in funding to develop gene therapies for rare, inherited metabolic diseases. Investors include HealthCap, Novartis Venture Fund, and Roche Venture Fund.

Ashland has completed its separation from oil change firm Valvoline with the final distribution of Valvoline common stock to Ashland shareholders. Ashland says it is now “fully focused” on its specialty chemical operations.

Genoa Pharmaceuticals has raised $62 million in its first large round of financing, led by F-Prime Capital Partners and Edmond de Rothschild Investment Partners. The funds will support Genoa’s early-stage pipeline of treatments for serious pulmonary diseases and Phase II studies for the pulmonary drug Aerodone.

Biogen has paid Remedy Pharmaceuticals $120 million up front for access to Cirara, which is currently in Phase III studies to treat a severe form of ischemic stroke. Remedy’s drug complements Biogen’s treatment natalizumab, now in midstage trials to address acute ischemic stroke.

Otsuka Pharmaceutical will build its sixth pharmaceutical plant in Japan. Scheduled to come on-line in 2020 in the city of Mima on the southern island of Shikoku, the plant will initially employ 86 people.