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Business Roundup

May 14, 2022 | A version of this story appeared in Volume 100, Issue 17

Albemarle says it is continuing a strategic review of its catalyst business. It will provide an update in the second quarter. The business, which had sales of about $760 million in 2021, makes zeolite catalysts for catalytic cracking and organometallic polyolefin catalysts.Umicore has opened an R&D center for battery cathode materials in Cheonan, South Korea. Research at the center, which can house up to 300 engineers and scientists, is focused on high-nickel, low-cobalt, manganese-rich compounds and solid-state battery materials.

AGC, formerly Asahi Glass, will spend more than $750 million to expand two chlorovinyl plants in Thailand by 2025. The projects will boost capacity of caustic soda, vinyl chloride, and polyvinyl chloride.

SafeRock and UP Catalyst, both start-ups, have received a $423,000 grant from the government of Estonia to develop carbon-negative concrete. The companies hope to use nanotubes made from captured carbon to reinforce the concrete.

eureKing has secured $158 million in an initial public offering as a biopharmaceutical contract development and manufacturing organization. Established as a special purpose acquisition company, the firm seeks to acquire or combine with other such firms, primarily in Europe.

Jazz Pharmaceuticals will license exclusive rights to Sumitomo Pharma’s DSP-0187, an orexin-2 receptor agonist in development to treat sleep disorders. Jazz will pay $50 million up front and up to $1.09 billion in milestones.

Genascence has raised $10.5 million in series A funding from investors including Pacira BioSciences. The firm is developing GNSC-001, a recombinant adeno-associated vector for osteoarthritis.

Moma Therapeutics has raised $150 million in series B financing to advance multiple oncology programs. The firm, which launched in 2020, says its technology exploits a vulnerability inherent to all enzymes in the molecular machine family.



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