News

BASF & CSM form joint venture
Enlarge image

BusinessGermanyNetherlands

BASF & CSM form joint venture

08.10.2012 - German chemicals giant and Dutch CSM daughter Purac have formed a
50/50 joint venture to produce and market biobased succinic acid.

The largest chemical firm of the world, BASF SE (Ludwigshafen, Gemany), and the leading producer of biobased lactic acid, Purac NV (Diemen, The Netherlands), a subsidiary of Dutch CSM, have formed a joint venture. After three years of testing of a novel fermentation process on pre-industrial scale at Purac’s production site in Montmélo near Barcelona, Succinity GmbH is going to start the production and sale of biobased succinic acid from 2013 . Succinity, which will be headquartered in Düsseldorf Germany, will be the third player in the market for biologically produced succinic acid, an important chemical building block for making 1,4-butanediol (1,4-BDO), tetrahydrofuran (THF) and gamma-butyrolactone (GBL). These bulk chemicals are needed for making polyesters, polyurethanes, spandex and biodegradable plastics with a global market value of more than $4bn.

BASF and CSM are currently expand Purac’s fermentation facility to deliver an annual capacity of 10,000 metric tons of succinic acid from late 2013. This is complemented by plans for a second large-scale facility with an annual capacity of 50,000 metric tons of succinic acid to enable the company to respond to the expected increase in demand. The final investment decision for this facility will be made following a successful market introduction, according to the companies.

Despite stiff competition from Reverdia, a joint-venture of Dutch DSM and French Roquette, and US-headquartered BioAmber Inc., BASF wants to take a leading position in the market. „The market is large enough for all players“, said BASF spokesman Holger Kapp to EuroBiotechNews. Earlier this year, Reverdia announced it will start biosuccinate production at the end of 2012. At the beginning of 2011, BioAmber had already started production of 2,000 metric tons of biosuccinate at its French production site in Pomacle and has since then expanded its production and its capacities to produce 1,4-BDO. However, BASF has brought in a unique production technology. Its proprietary microorganism Basfia succiniciproducens can make  biobased succinic acid either from plant-made sugars or by glycerol, a waste product form biodiesel production. This might give Succinity a competitive edge over the competitor’s technologies that can only convert crop- or plant-made sugars.

© eurobiotechnews.eu/tg

http://www.european-biotechnology-news.com/news/news/2012-04/basf-csm-form-joint-venture.html

FinancingSwedenNorway

31.10.2014 Another biotech is leaving the European market place in favour of a US IPO. Swedish Cortendo is now planning to go public in the US after raising €8.8m in bridge financing.

FinancingUK

29.10.2014 British VC fundraiser Advent Life Sciences has raised €184m with its second fund. The money will help seed and build life sciences companies in the UK, Europe and the US, the company said.

BusinessSwitzerlandGermanyUK

28.10.2014 Swiss pharma company Novartis is selling its influenza vaccines business to Australian biopharma specialist CSL Ltd for US$275m.

PoliticsSwitzerland

23.10.2014 Just one day before its planned initial listing, Swiss Molecular Partners has cancelled its IPO. The reason: "unfavourable market conditions".

PoliticsEU

23.10.2014 Jean-Claude Juncker can breathe a sigh of relief as MEPs voted “yes” by a large majority to his team of European Union Commissioners. Previous to the vote, Juncker had shifted the EMA back to the health commissioner in response to protests.

FinancingFrance

21.10.2014 Yet another European company is looking for money on the US stock exchange – French DBV Technologies SA is all set up for its secondary listing on NASDAQ. The French biotech company hopes to rake in US$98m for its peanut allergy patches.

FinancingDenmark

18.10.2014 After raising US$220.5m (€172m) with its IPO, fast Forward Pharma’s lucky streak hits an obstacle on the road to success with shares falling 17% on its first day of trading.

M&AUKItaly

17.10.2014 Abandoned at the altar: Abbvie has dropped plans to acquire UK’s Shire following new US tax rules. This puts a stop to one of the biggest pharma mergers planned this year.

FinancingUKBelgium

15.10.2014 Bicycle Therapeutics wins €25m backing by major pharma venture capitalists for the development of a new class of oncology drugs.

FinancingGermanySwitzerlandNetherlands

13.10.2014 Biotechnology IPOs are back in fashion – German Probiodrug AG wants to raise €32m with its IPO, whilst Swiss Molecular Partners AG hopes the launch of its IPO will gain a revenue of €145m.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • THERAMETRICS0.08 CHF14.29%
  • CYTOS0.17 CHF13.33%
  • MORPHOSYS75.99 EUR4.89%

FLOP

  • EPIGENOMICS4.15 EUR-4.38%
  • EVONIK26.20 EUR-2.42%
  • PAION2.80 EUR-2.10%

TOP

  • BIOFRONTERA2.82 EUR15.6%
  • BB BIOTECH166.45 EUR11.2%
  • HBM91.50 CHF8.6%

FLOP

  • MAGFORCE5.55 EUR-19.0%
  • PAION2.80 EUR-14.6%
  • CO.DON2.65 EUR-13.1%

TOP

  • SANTHERA89.00 CHF2182.1%
  • CO.DON2.65 EUR150.0%
  • WILEX2.25 EUR81.5%

FLOP

  • CYTOS0.17 CHF-95.7%
  • MERCK KGAA71.68 EUR-41.5%
  • 4SC0.98 EUR-41.0%

No liability assumed, Date: 31.10.2014