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Business

Business Roundup

July 11, 2020 | APPEARED IN VOLUME 98, ISSUE 27

Nova Chemicals has appointed Luis Sierra to succeed Todd Karran as CEO at the beginning of August. Karran is retiring. Sierra spent 30 years at BP, where he most recently led the company’s aromatics business, which is being sold to Ineos.

Sandoz will manufacture critical generic medicines for Civica Rx, a nonprofit established to address drug shortages in US hospitals and other health-care facilities. Under a 5-year agreement, Sandoz will supply six injectable medicines including antibiotics, blood pressure regulators, and blood thinners.

Dow has sold $310 million worth of North American railroad assets to Watco Companies as part of a push to focus on its core businesses. Under the deal, 14 Dow employees and 400 contractors will move to Watco, and Dow will enjoy discounted rates at the affected sites.

Anellotech has won investment in its technology for chemical recycling of plastics from a joint venture of several Japanese firms. Anellotech says the Plas-TCat process can convert mixed plastic waste directly into benzene, toluene, xylenes, ethylene, and propylene.

Dragonfly Therapeutics will get $55 million from Bristol Myers Squibb under a research pact to develop therapies for neuroinflammation targets. The partners will use Dragonfly’s TriNKET technology for harnessing the body’s innate immune system.

Mission Therapeutics has raised $15 million in a funding round led by Pfizer Ventures. Pfizer has the option to evaluate Mission-discovered small molecules that selectively target deubiquitylating enzymes implicated in kidney and other diseases.

Biogen has licensed a potential gene therapy for inherited retinal degeneration from Massachusetts Eye and Ear. The deal builds on Biogen’s 2019 acquisition of the retinal gene therapy developer Nightstar Therapeutics.

PharmEnable, a University of Cambridge spin-off, has raised $2.3 million in seed funding. The company plans to use medicinal chemistry and artificial intelligence to develop small-molecule drugs with the specificity of biologic drugs.

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