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Investment

Business Roundup

May 30, 2019 | APPEARED IN VOLUME 97, ISSUE 22

 

DuPont will take noncash, pretax charges of up to $1.3 billion to reflect unfavorable conditions in its industrial biosciences business. Demand is slowing in the biomaterials segment, DuPont says, and the ethanol market, to which the business sells enzymes, is challenging.

Eastman Chemical plans to increase capacity for natural and hydrocarbon resins in Middelburg, the Netherlands, and Jefferson, Pennsylvania, and for polyolefin polymers in Longview, Texas. The polyolefins and some of the hydrocarbon resins are sold to adhesive makers. Other hydrocarbon resins and the natural resins go to tire manufacturers.

Toyobo is buying Teijin’s film operations in Japan and Indonesia for about $90 million. Teijin took over the operations, which have annual sales of about $260 million, from the DuPont Teijin Films joint venture in 2016. Indorama is in the process of buying the rest of DuPont Teijin Films.

Sumitomo Chemical America has invested in a food and agriculture venture fund operated by Cultivian Sandbox Ventures. The fund has raised $135 million to invest in sustainable food start-ups such as Geltor, a maker of animal-free collagen.

Particle Sciences, a drug services firm owned by Lubrizol, has received US Drug Enforcement Administration registration authorizing it to make Schedule 1 substances, or drugs with a high potential for abuse. The registration will allow Particle Sciences to work with cannabis-derived materials.

WuXi Biologics has signed a 20-year manufacturing contract worth an estimated $3 billion with an unnamed vaccine maker. WuXi Vaccines, a joint venture with Shanghai Hile Bio-Technology, will build facilities to manufacture one of the partner’s products.

Reneo Pharmaceuticals has raised $50 million in its first formal round of financing, led by New Enterprise Associates. The San Diego–based biotech will use the cash to advance development of its PPAR ∆ agonist, which is currently in Phase Ib studies for rare mitochondrial diseases.

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