SPARC into Bio modifying for antibody drugs Business

SPARC enters into a licensing agreement with Biomodifying for antibody drugs 

Sun Pharma Advanced Research Company Ltd. (SPARC) has announced that it has entered into an agreement with Biomodifying LLC to exclusively license Biomodifying’s intellectual property, including all patents and patent applications owned or controlled by Biomodifying, along with antibodies developed for multiple uses including for cancer. Under the agreement, Biomodifying is eligible for an upfront payment, milestone payments on pre-specifi ed clinical, regulatory, and commercial milestones, as well as royalties on sales. In addition, SPARC will pay Biomodifying a percentage of payments received for sublicenses of the licensed IP. “This is an important milestone for SPARC. 

The licensing of antibodies from Biomodifying will assist us in our endeavour to transition SPARC into a company focussed on novel treatment modalities, including bi-specifi c antibodies and antibody drug conjugates,” said Mr. Anil Raghavan, CEO, SPARC. 

$2-bn chemicals jv with UAE’s TA’ZIZ

Abu Dhabi state-owned Chemicals Derivatives Company (TA'ZIZ) and Indian conglomerate Reliance Industries have agreed to start a more than $2 billion chemical production partnership in Ruwais, Abu Dhabi, TA'ZIZ said in a statement on Tuesday.

The joint venture, called TA’ZIZ EDC & PVC, will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, the statement said.

The JV aims to export the materials to target markets in Southeast Asia and Africa as well as selling them domestically.

"Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting growing demand for these chemicals globally," TA'ZIZ said.

TA'ZIZ was formed last year, also as a joint venture, by Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi state-owned holding company ADQ, which own 60% and 40% respectively.

"India's need for PVC to propel its growth, and the value from the abundantly available feedstock in UAE, provides a win-win partnership for both companies," TA'ZIZ quoted Reliance's billionaire chairman Mukesh Ambani as saying.

“Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting growing demand for these chemicals globally," RIL said.

Source : Mix

MRPL board approves 100% CCD acquisition from OMPL

 The board of the directors of Mangalore Refinery and Petrochemicals Ltd. (MRPL) has approved the acquisition of up to 100% of the compulsorily convertible debentures (CCD) issued by ONGC Mangalore Petrochemicals Ltd. (OMPL) from the debenture holders for an aggregate consideration of up to Rs. 1,000-crore.

OMPL is a wholly owned subsidiary of MRPL. The fourth quarter of 2021-22 has been set as the indicative time period for the completion of the acquisition. MRPL informed the stock exchanges that the CCDs will be purchased from unrelated third parties. Upon the merger becoming effective, the CCDs shall stand extinguished and cancelled in entirety without any consideration and without any further act or deed, it informed the stock exchanges. The CCDs will be purchased at par value of Rs. 1-crore per CCD, plus accrued interest thereon. MRPL proposes to acquire up to 1,000 number of CCDs being 100% of the outstanding CCDs issued by OMPL. Credit facilities

The meeting of the board of directors of the company also approved the availing of credit facilities of an amount up to Rs. 1,025-crore from any bank / non-banking financial company / financial institutions / mutual fund / any other person, with or without security over the assets of the company. This amount will be availed for the purpose of funding the acquisition of the CCDs issued by OMPL.

On raising of funds by issuance of perpetual bonds, the board of directors advised the MRPL management to have further consultations with the proposed investors. The company informed the stock exchanges that no decision was taken in respect of issuance of perpetual bonds. OMPL has an aromatic complex in Mangalore Special Economic Zone (MSEZ) with 442 acres of land. Incorporated on June 19, 2006, the Greenfield project was commissioned in October 2014 at a total cost of Rs. 6,911-crore. OMPL produces para-xylene and benzene. OMPL was jointly promoted by Oil and Natural Gas Corporation Ltd. (ONGC) and MRPL with shareholding in the ratio of 49% and 51%, respectively.

Later, MRPL fully acquired the ONGC shares in OMPL. The boards of MRPL and OMPL have approved the scheme of amalgamation of OMPL with MRPL, and a joint application has been fi led with Ministry of Corporate Affairs on July 7, 2021

Source : Chemical Weekly

Sumitomo Chemical launches SynBio Hub

Shortly after handing over responsibility for biorational-related business to its Valent BioSciences (VBC) subsidiary in Illinois, Sumitomo Chemical has announced plans to establish SynBio Hub within its Biorational Research Centre. This is all part of the firm’s plans to build technologies using synthetic biology.

“By merging synthetic biology with the chemical technologies it has cultivated over the years as a diversified chemical company, Sumitomo Chemical is developing highly functional products that cannot be manufactured by chemical synthesis alone, as well as highly efficient, clean and energy-saving processes,” the company stated.

(Sumitomo Chemical defines biorationals as products and microbes derived from natural sources or natural products themselves, such as microbial pesticides, plant growth regulators and microbes that improve soil health.)

SynBio Hub will carry out open innovation and collaborate with the corporate venturing innovation offices in the US and Europe, and its bases in Japan, to bring on technologies based on synthetic biology. It will also conduct in-house research, including the development of producing strains and scale-up using technologies developed via the biorational business and the commercialisation of chemicals.

In October, Sumitomo Chemical realigned its group subsidiaries in the US. As part of having VBC direct all the business functions around biorationals, it appointed a new COO to oversee a Sustainable Solutions business unit and direct sales in all regions. The company currently has six new biorationals that it expects to launch in 2022 or later, subject to approval.

Earlier, in August, Sumitomo Chemical had opened a new R&D facility for conventional crop protection products at in San Ramon, California. This is the US headquarters of Valent, its crop protection business, and the new site integrates a number of operations hitherto scattered around Northern California.

Azelis now in India

Azelis has acquired Spectrum Chemicals and Nortons Exim in India from the Mehta family on undisclosed terms. Both specialise in the distribution of speciality chemicals for home care, road markings, agrochemicals and other applications. Current owner Parindu Mehta will remain at the helm.

The company said that this will give it better access to other regions of India – Spectrum has offices in Mumbai and New Delhi – plus cross-selling opportunities in related markets and growth in agrochemicals and road marking. It plans to set up an agrochemicals lab to support three it already runs in India for CASE, personal care and food.

Azelis has been active in India since 2008 and has quadrupled its sales since 2018, according to Laurent Nataf, CEO and president in the Asia-Pacific region. This has come through a mixture of organic growth and acquisitions in the food and pharma sectors via MK Ingredients and Zhaveri respectively.