Brazil’s GranBio buys 25% stake in US biotech company
17 April 2013 22:07 [Source: ICIS news]
?xml:namespace>MEDELLIN, Colombia (ICIS)--Brazilian biofuels producer GranBio said on Wednesday that it has purchased a 25% stake in biotechnology firm American Process (API), marking the company’s entry into the US cleantech market.
The deal will give GranBio access to a proprietary biomass pretreatment platform to develop cellulosic sugars into biofuels and specialty chemicals, GranBio said.
The two companies will now collaborate on the first commercial-scale plant using API technology in Brazil, and a second in the US, the company said.
The financial terms of the deal were not disclosed.
In January, Brazil’s national development bank BNDES bought a 15% stake in GranBio for Brazilian reais (R) 600m ($300m, €228m). According to the bank, the company plans to invest R4bn in up to seven projects over the next six years.
GranBio recently changed its name from GraalBio to avoid confusion with a similarly named food and fuels distribution firm.By: Simon West713-525-2653
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