Genzyme reports 4Q and full year 2005 financial results

Genzyme reports 4Q and full year 2005 financial results

F O C U S construction of a catalyst unit in the Middle East, and intends to expand its catalysts operations in Asia. Albemarle will commission a cata...

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F O C U S construction of a catalyst unit in the Middle East, and intends to expand its catalysts operations in Asia. Albemarle will commission a catalyst repackaging plant in China by May 2006. To meet soaring demands in North America, the company is evaluating plans to increase cGMP capacity at its Orangeburg site. A minor expansion at its cGMP unit at Dayton in Ohio, USA was completed in Feb 2006. Chemical Week, 22 Feb 2006 (Website: http://www.chemweek.com)

BASF steps closer to Engelhard deal: reports record profits for 2005 BASF is studying a draft of a confidentiality agreement drawn up by Engelhard. Signing the agreement would allow BASF to clearly examine Engelhard’s financial data, but also require the company to undertake not to make a hostile bid for Engelhard. BASF, which has so far been hostile in its approach, is undecided whether to sign the confidentiality agreement or not. It may also raise its offer for Engelhard from the current $37/share. BASF’s Ebitda climbed 7%, to €8.2 bn ($9.8 bn), on sales up 14%, to €42.7 bn. Ebitda for 4Q 2005 was flat at €1.6 bn, on sales up 16% to €11.7 bn. Ebit from North American operations rose threefold, to €855 M, on sales up 17%, to €9.5 bn. The company intends to save another $150 M/y with a new regional efficiency project due for completion in mid-2007. Chemical Week, 22 Feb 2006 (Website: http://www.chemweek.com)

Catalytica losses in 3Q 2005 For its 3Q 2005 (ends 30 Sep 2005), Catalytica Energy Systems Inc has reported turnover of $868,000 ($1.942 M for its 3Q 2004), R&D costs of $2.147 M ($1.792 M), an operating loss of $4.973 M (operating loss of $2.722 M), a net loss of $4.852 M ($2.696 M), and a loss per share of $0.27 (loss per share of $0.15). For the first nine months of its fiscal 2005, the company has reported turnover of $2.928 M ($4.028 M for its 3Q 2004), R&D costs of $5.672 M ($5.677 M), an operating loss of $12.239 M (operating loss of $10.084 M), a net loss of $11.88 M ($9.941 M), and a

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loss per share of $0.66 (loss per share of $0.56). Catalytica Form 10-Q 2005, 10 Nov 2005, 3 (Catalytica Energy Systems Inc, 430 Ferguson Drive, Bldg 3, Mountain View, CA 94043, USA. Tel: +1 650 960 3000. website: http://www.catalyticaenergy.com)

Chiral Quest takes a surprising turn A detailed discussion of the business of chiral catalysts producer Chiral Quest covering: overview, expansion of manufacturing in China, the company’s business model, R&D, and products (Binapine, Binaphane, TangPhos). Chemical Market Reporter, 6 Mar 2006 (Website: http://www.chemicalmarketreporter.com)

Diversa and BASF form broad alliance to develop innovative new products Diversa Corp and BASF have entered into a broad alliance that will leverage Diversa’s leadership position in novel enzyme development and BASF’s expertise in biotechnology, process development, product applications, and global marketing and distribution. Under the agreement, Diversa will be responsible for discovery and optimisation of new enzymes, and BASF will be responsible for product and process development and all commercialisation matters. The new agreement is a significant expansion of the relationship between Diversa and BASF that began in 2001 with a collaborative agreement to develop biocatalysts Press release from: Diversa Corp, 4955, Directors Place, San Diego, CA 92121-1609, USA. Tel: +1 858 526 5000. Fax: +1 858 526 5551. E-mail: [email protected]. Website: http://www.diversa.com & from: BASF, 100 Campus Drive, Florham Park, NJ 07932, USA. Tel: +1 800 526 1072. Website: http://www.basf.com (16 Feb 2006)

Engelhard 2005 income up almost 4% Engelhard’s 2005 full-year income from continuing operations grew by almost 4% to $246 M on sales of $4.6 bn, a 12% increase from 2004. The company’s goal for 2006 is to achieve double-digit earnings hike from its technology segments and a 13% return on average capital. ICIS Chemical Business, 13 Feb 2006 (Website: http://icischemicalbusiness.com) & Chemical Week, 8 Feb 2006 (Website: http://www.chemweek.com) & Handelsblatt Wirtschafts- und Finanzzeitung, 2 Feb 2006 (Website: http://www.handelsblatt.com) (in German)

Engelhard given more time BASF’s $37/share hostile tender offer for Engelhard has been extended until 3 Mar 2006 from the original schedule of 6 Feb 2006. Necessary European antitrust and other regulatory approvals are expected to be obtained by end of Feb 2006. As of 3 Feb 2006, BASF had purchased 54,896 Engelhard shares, less than 1%. Shares have traded more than $37/share upon BASF’s announcement of a takeover bid on 3 Jan 2006. Chemical Week, 15 Feb 2006 (Website: http://chemweek.com) & Chemical Market Reporter, 27 Feb 2006 (Website: http://www.chemicalmarketreporter.com) & Handelsblatt Wirtschafts- und Finanzzeitung, 6 Feb 2006 (Website: http://www.handelsblatt.com) (in German) & Nachrichten für Aussenhandel, 7 Feb 2006, 69 (27), 1 (in German) & Handelsblatt Wirtschafts- und Finanzzeitung, 22 Feb 2006, (38), 13 (in German)

Engelhard boosts stake in India jv for environment technologies Engelhard Corporation announced today it has increased its stake to 90% in Engelhard Environmental Systems (India) Private Limited, an environmental technologies jv. Engelhard purchased the 30% share previously owned by UCAL Fuel Systems Limited. The remaining 10% is owned by NE Chemcat Corporation, a publicly traded Japanese corporation, of which Engelhard owns 42.2%. NE Chemcat is a leading producer of automotive and chemical catalysts. The jv currently produces emission-control technologies for automotive and motorcycle applications. The operations primarily serve the rapidly growing Indian market. Press release from: Engelhard, Iselin, NJ, USA. Tel: 732 205 6360. Website: http://www.engelhard.com (3 Jan 2006) & Chemical Weekly, 17 Jan 2006, 51 (22), 124

Genzyme reports 4Q and full year 2005 financial results Genzyme Corp reported 4Q and year ended Dec 2005 financial results. The company also provided guidance for 2006. GAAP net income increased to $106.6 M for 4Q 2005 (net loss of $157.3 M in 4Q 2004). For 2005, GAAP net income was $441.5 M (net income of $86.5 M in 2004). For 4Q 2005, revenue was $728.7 M (+23%

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over $591.1 M in 4Q 2004), while revenue for 2005 was $2.7 bn (24% over $2.2 bn in 2004). R&D expenses were $138.186 M for 4Q 2005 ($107.428 M in 4Q 2004). For 2005, R&D expenses were $502.657 M ($391.802 M in 2004). Genzyme confirmed the revenue and earnings guidance for 2006 that it provided in Jan 2006. The company expects revenue of $3.1-$3.3 bn; GAAP earnings of $1.78-$1.88/share.

Materials Division’s sales were up in 3Q 2005 and profits in 2H 2005 should be ahead of those for 1H 2006. Ceramics Division has maintained the improvement in 1H 2005 and should deliver good profit growth for the year.

Genzyme Corp 4Q and 2005 results, 15 Feb 2006 (Genzyme Corp, One Kendall Square, Cambridge, MA 02139, USA. Tel: +1 617 252 7500. Fax: +1 617 252 7600. Website: http://www.genzyme.com)

NE Chemcat to widen operations with catalysts developed inhouse

Topsoe lands sulfur deals Haldor Topsoe has announced two contracts to supply WSA technology for off-gas treatment to Kelheim Fibres GmbH (Kelheim, Germany) and Lenzing (Nanjing) Fibres Co Ltd (joint venture of Austrian company Lenzing AG and Nanjing Chemical Fibre Co) in Nanjing, China. Main contractor will be Austrian company Lenzing Technik GmbH. The units will remove hydrogen sulfide and carbon disulfide in off-gases from viscose plants and produce sulfuric acid and waste heat for use in power generation. There is discussion of the process and of Haldor Topsoe’s hydroprocessing catalysts business. Chemical Market Reporter, 6 Feb 2006 (Website: http://www.chemicalmarketreporter.com)

Johnson Matthey trading update Johnson Matthey’s Chief Executive gave an update on current trading at an analysts’ meeting at its Pharmaceutical Materials business in Edinburgh. Trading in the second half of Johnson Matthey’s financial year is progressing in line with expectations. Environmental Catalysts and Technologies (ECT) has benefited from growth in diesel emission control products in Europe, and is on track to achieve 10% growth in profits in the second half. Process Catalysts and Technologies (PCT) is also expected to achieve good growth, and sales of catalysts for hydrogen generation and gas purification have been particularly strong. Precious Metal Products Division has had a good 3Q 2005, and should benefit from strong platinum prices. Pharmaceutical

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Press release from: Johnson Matthey PLC, 2-4 Cockspur Street, Trafalgar Square, London, SW1Y 5BQ, UK. Tel: +44 (0)20 7269 8400. Website: http://www.matthey.com (26 Jan 2006)

that detergent enzymes sales accounted for 32% of its total sales in 2005. In the mid- to long-term Novozymes predicts sales growth will improve due to its penetration into the liquid detergents market. Novozymes reports that its growth in volume detergent enzymes sales is 10% /y. Innovative new products are expected to drive sales growth. Chemical Market Reporter, 13 Feb 2006 (Website: http://www.chemicalmarketreporter.com)

NE Chemcat has started providing base metal and zeolite catalysts to Japanese customers. The company developed the catalysts using Engelhard technology. Engelhard is mass producing in the USA. NE Chemcat is now assessing whether producing zeolite catalyst in Japan is viable. Japan Chemical Week, 26 Jan 2006, 47 (2352), 2

Novozymes A/S Group financial statement for 2005 The year 2005 was another good year for Novozymes. Sales rose by 5% to DKR 6281 M (DKR 5988 M in 2004). Net profit rose by 11% to DKR 861 M for 2005 (net profit of DKR 775 M in 2004). Sales are expected to rise by 7-9% in 2006. Net profit is expected to increase by 5-7% for 2006. The Board of Directors has approved an increase in the overall framework for share buy-backs from DKR 2.5 bn to DKR 4 bn. A proposal will further be submitted to the Annual Meeting of Shareholders to write down the share capital by a nominal amount of DKR 46 M in 2006 and to pay a dividend for 2005 of DKR 4/share. Novozymes is the biotech-based world leader in enzymes and microorganisms. Novozymes A/S Group 2005 financials, 24 Jan 2006 (Novozymes A/S, Krogshoejvej 36, Bagsvaerd 2880, Denmark. Website: http://www.novozymes.com)

Detergent enzyme sales in a slow spin Novozymes AS reports 2005 as difficult for detergent enzyme sales despite successfully launching several innovative and improved products. Novozymes reports that its detergent enzyme sales declined by 1% to DKR 2.01 bn in 2005 compared with DKR 2.04 bn in 2004. Novozymes reported

PCAS and Proteus form alliance to integrate biocatalysis and chemical synthesis PCAS and Proteus recently announced the creation of a jv called PCAS Biosolution which will specialize in synthesizing pharmaceutical active ingredients and intermediates using a combination of chemical synthesis and biocatalysis technologies. The company will be able to offer its clients a range of advantages including the production of complex chiral compounds using commercially competitive methods, a reduction in production costs, better productivity, a reduction in byproducts and access to competitive environmentally friendly chemistry. Chimie Pharma Hebdo, 20 Feb 2006, (330), 5 (in French)

Reaxa forms alliance with Biotage Biotage AB, based in Uppsala, Sweden, has entered into two agreements with Reaxa Ltd relating to development and marketing of new catalyst packages for making fine chemicals. In the first agreement, encapsulated palladium catalyst will be developed using Reaxa’s MicroEnCat technology, which will be optimized by Biotage’s Microwave Synthesizers. The second deal involves marketing Reaxa’s QuadraPure metal scavenging resins as Biotage FLASH purification cartridges. New products will be commercialised within 2006. Chemical Engineering (New York), Feb 2006, 113 (2), 18,20 & Speciality Chemicals, Jan/Feb 2006, 26 (1), 7

Australian company to supply Rhodia with rare earths A letter of intent has been signed for the Australian company Lynas to

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