The Chem Ledger #11: December 10, 2024

Materials

1/ Heidelberg Materials and Fluor Corporation are working on a project focused on carbon capture and storage. Fluor has been awarded a contract for the Front-End Engineering and Design (FEED) of a carbon capture solution at Heidelberg Materials' facility in Geseke, Germany. This initiative is part of Heidelberg's GeZero project, which aims to integrate industrial-scale carbon-capture technology into cement production processes.

2/ GP Petroleums Limited has recently secured a contract with Hindustan Petroleum Corporation Limited (HPCL). The deal, valued at ₹ 223 crore (approximately $27 million), involves the supply of bulk Bitumen (specifically VG30) over a one-year period. HPCL requires bulk bitumen primarily for its applications in road construction and maintenance, as well as for other infrastructure projects.

Pharma

1/ Trevi Therapeutics has announced positive topline results from a study evaluating the human abuse potential of its investigational therapy, Haduvio™ (oral nalbuphine). The study demonstrated a statistically significant reduction in "Drug Liking" for the clinical doses of oral nalbuphine (81 mg and 162 mg) compared to butorpahnol, indicating a lower potential for abuse. This finding suggests that Haduvio may be a safer alternative for patients requiring pain management, addressing concerns about opioid abuse.

2/ Amgen has announced a significant investment of $1 billion to expand its manufacturing capabilities in Holly Springs, North Carolina. This expansion will establish a second state-of-the-art multi-drug substance manufacturing facility, part of Amgen's strategy to enhance its production capacity in response to increasing demand for its medicines.

3/ Radiant Pharmaceuticals is set to acquire a 60% stake in Novartis Bangladesh Limited. This acquisition is part of Radiant's strategy to expand its market presence and product offerings. For Novartis, this exit reflects a broader trend of multinational companies reassessing their operations in certain markets, focusing instead on core areas where they can maintain competitive advantages. 

4/ BioAge Labs has discontinued its STRIDES Phase 2 clinical trial, which was evaluating the combination of azelaprag and tirzepatide for the treatment of obesity. The decision to halt the trial was primarily due to safety concerns, specifically the observation of elevated liver enzyme levels (liver transaminitis) in some participants. The trial was part of BioAge's efforts to develop therapies targeting metabolic diseases by addressing the biology of human aging.

Oncology

Merus received FDA approval for its drug  BIZENGRI® (zenocutuzumab-zbco). This drug is significant as it is the first and only therapy approved specifically for treating pancreatic adenocarcinoma and non-small cell lung cancer (NSCLC) that harbor the NRG1 gene fusion.

Sustainable Tech

1/ Solvay inaugurated an advanced biodigester at its production site in Ciudad Juarez, Mexico, on December 4, 2024. This biodigester is part of Solvay's energy transition initiative, designed to generate biomethane from locally processed organic waste. The biomethane produced will replace a portion of the natural gas used for the site's boiler and kiln operations, contributing to a more sustainable energy model.

2/ Abu Qir Fertilizers, located in Egypt, is actively integrating green hydrogen into its operations to enhance ammonia production and reduce carbon emissions. The company plans to utilize 50 tons of green hydrogen daily to boost the output of its ammonia plant from 1,100 to 1,200 tons per day.  

Startups

1/ Rowan Scientific, located in Boston, Massachusetts, has secured $2.1 million in preseed funding. This investment comes from various investors, including Pillar, and is aimed at advancing their computer chemistry initiatives. Rowan specializes in molecular design and simulation tools aimed at making advanced computational chemistry accessible to a broader audience, including chemists without extensive expertise in simulation or computer science.

2/ Elyse Energy, a French startup specializing in sustainable fuels and low-carbon feedstock, has raised €120 million (approximately $126 million) to advance its projects in producing e-methanol and sustainable aviation fuels. This funding round involved significant contributions from investors including Hy24, PGGM, Bpifrance, and Mirova.

Collaborations

1/ Amazon Web Services (AWS) has entered into a strategic partnership with Orbital Materials to develop and implement technologies aimed at enhancing data center decarbonization and efficiency. This collaboration focuses on leveraging advanced materials and artificial intelligence (AI) to create solutions that reduce carbon emissions in AWS's data centers.

2/ LG Chem and Acies Bio have are collaborating to advance sustainable production methods in the chemical industry. This collaboration leverages Acies's OneCarbonBio microbial platform, which is designed to upcycle carbon sources, potentially transforming waste materials into valuable chemical products.

3/ Rio Tinto and Sumitomo Metal Mining have announced a partnership to develop the Winu copper-gold project located in the northern Pilbara region of Western Australia. As part of this agreement, Sumitomo will acquire a 30% equity stake in the project for $399 million. The Winu project, discovered by Rio Tinto in 2017, is considered a low-risk, long-life copper-gold deposit with significant potential for expansion.

Investments

1/ Heirloom, a leader in Direct Air Capture (DAC) technology, has raised $150 million in a Series B funding round. This financing was co-led by Future Positive and Lowercarbon Capital, with participation from various industrial leaders across sectors like aviation, shipping, and manufacturing. The funds will be used to scale Heirloom's DAC technology.

2/ Faircraft, a Paris-based startup specializing in lab-grown leather, has raised €15 million (approximately $15.8 million) in a Series A funding. The funds will be utilized to expand their production capabilities and meet the increasing demand for sustainable leather alternatives in the fashion industry.

M&A

1/ H. B. Fuller has acquired Medfill Ltd., and signed a provisional agreement to acquire GEM S.r.l. Medfill, based in Ireland, specializes in formulating and manufacturing medical adhesives. GEM, an Italian company, specializing in medical devices and synthetic surgical glues.

2/ Hexion, specializing in adhesives, coatings, and building materials, has completed the acquisition of Smartech, a technology company focusing in AI-driven autonomous manufacturing solutions. The financial terms of the acquisition were not disclosed, and Smartech will maintain its operations as an independent entity under Hexion. 

3/ Ahlstrom, a fiber-based specialty materials company, has acquired ErtelAlsop, a New York-based manufacturer known for its high-performance liquid depth filtration. This move is expected to strengthen Ahlstrom's position in the filtration industry and enhance its product portfolio for life sciences applications.

4/ Safic-Alcan, a French distributor of specialty chemicals, has entered the Indian market by acquiring a majority stake in Avees Biocos. The partnership aims to leverage Avees Biocos' expertise in personal care chemicals.

5/ Saint-Gobain has completed the acquisition of Kilwaughter Minerals, a provider of façade mortars in the UK and Ireland. The acquisition was announced in October 2024, when Saint-Gobain reached a binding agreement to purchase Kilwaughter. Saint-Gobain designs, manufactures, and distributes a wide range of construction and high-performance materials.

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