Isagro and Chemtura Agree To Share Research
1 February 2011 MILAN, Italy and PHILADELPHIA, United States — Isagro S.p.A. and Chemtura AgroSolutions, a business unit of Chemtura Corporation), agreed to a joint R & D venture creating a strategic alliance.
Both companies will equally share their investments in innovative research and focus on discovering new active ingredient, according to a press release.
A new company will be formed through this venture named ISEM S.r.l.
The new company has an estimated equity value of € 40 million and equally owned by Isagro and Chemtura. This alliance will allow the acceleration of the development and commercialization of the conferred active ingredients as well as of the new molecules originated by the joint discovery efforts, according to the companies.
Isagro contributed the commercially registered herbicide Orthosulfamuron and fungicide Valifenalate, as well as the intellectual property related to two new active ingredients, poised for development and commercialization, according to the press release.
“This alliance is consistent with our strategy to focus on our core business, which is based on our historical competences in researching and developing new molecules and promoting them in the marketplace on a global basis,” said Giorgio Basile, Isagro president and CEO in a prepared statement. “Chemtura is an ideal partner because of its deep culture and long experience in developing and marketing agrochemical specialties, as well as for the important synergies between the two companies.”
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