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Business

Business Roundup

November 21, 2020 | APPEARED IN VOLUME 98, ISSUE 45

 

Covestro is building a plant to produce its Vulkollan polyurethane elastomer materials in Thailand’s Map Ta Phut industrial zone. Due to start up at the end of 2022, the facility will cost over $50 million and employ more than 25 people.

Evonik Industries will close its fabric softener ingredients plant near Barcelona, Spain, this month with the loss of 51 jobs. The firm will switch production to what it calls more-efficient plants in Steinau, Germany, and Shanghai.

Manus Bio has raised $75 million in series B financing to advance its fermentation process for making natural ingredients. The firm, one of C&EN’s 10 Start-Ups to Watch in 2018, says it will use some of the funds to expand its plant in Augusta, Georgia.

Givaudan and Novozymes have formed a partnership to develop sustainable ingredients for food and cleaning products. The deal will take advantage of Novozyme’s know-how in enzymes and microorganisms and Givaudan’s R&D and market expertise.

CordenPharma will expand its solid-phase peptide synthesis facility in Frankfurt, Germany. New capacity, accompanied by a 25% increase in lab space, will include a dedicated explosion-proof area to support the introduction of solvents for large-scale manufacture.

Synendos Therapeutics has raised about $22 million in series A financing from Kurma Partners and others to develop small molecules to treat mood and other psychiatric disorders by modulating the endocannabinoid system in the brain. The company spun out of the University of Bern.

Eli Lilly and Company has signed an agreement with Seed Therapeutics worth $10 million up front to develop treatments that will speed the degradation of disease-causing proteins. Seed will receive an additional $10 million investment from Lilly.

Lead Pharma has signed an agreement with Roche to develop small molecules for immune-mediated diseases. Roche will pay Lead about $12 million up front and up to $310 million in milestone payments.

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