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CordenPharma invests heavily in peptides

CordenPharma is to spend about €900 million over the next three years to expand its peptide technology platform, with investments on both sides of the Atlantic. This will be the largest strategic investment to date for the company, which is owned by pan-European private equity firm Astorg and aims to achieve €1 billion/year in sales from peptides

FMC exits non-crop business

FMC Corporation has agreed to sell its Global Specialty Solutions (GSS) business to Envu for $350 million, subject to closing working capital adjustment. The deal is expected to close by year-end 2024, subject to regulatory approval and other customary closing conditions. FMC intends to allocate all proceeds to debt reduction.

Eurofins in war of words with ‘activist short seller’

Pennsylvania based ‘activist short seller’ Muddy Waters has announced it is short on diagnostics and lab testing group Eurofins Scientific because the confusion and contradictions inherent in its financials and operations cause us to believe that it is optimised for malfeasance, rather than for conventional business”. This has provoked a strong response.

OQ Chemicals for sale?

According to a Bloomberg report, the Omani state-owned OQ is preparing a preparing a sales process for its subsidiary, the German oxo alcohols producer OQ Chemicals. Neither the company nor the putative lead adviser, Rothschild & Co., has commented.

OQ Chemicals has, however, confirmed a report that some of its main lenders had agreed to provide €75 million in bridge financing. A group of lenders have also agreed to extend the maturities of €1.1 billion equivalent of debt, some of which was due to be paid in October.

Kemira expands water treatment offer

Kemira has signed a definitive agreement to purchase Norit’s UK reactivation business from Purton Carbons, taking it into the activated carbon market for micropollutants removal. The deal is expected to close in Q3. Nine employees will transfer. The agreement includes the reactivation facility in Purton, UK, where spent granular or pelletised activated carbons are made ready for potable water and food-related applications (green reactivation) and others (amber reactivation).

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