BASF And Materia Execute Technology License Agreement
PASADENA, CA--(Marketwire - October 13, 2009) -
Metathesis catalysts enable the formation and manipulation of carbon-carbon bonds in the synthesis of novel specialty chemicals with superior properties as well as in the development of more efficient and low cost production processes for existing ones. Materia's catalysts include those from Professor Robert Grubbs at Caltech who won the Nobel Prize for the technology in 2005.
"BASF's technological and commercial leadership, coupled with its strong understanding of metathesis chemistry, makes it an obvious licensee choice," stated Dr. Michael Giardello, Materia's Chief Executive Officer. "We look forward to their successful product development."
"Olefin metathesis stands among a few of the most versatile ways to make carbon-carbon bonds in an elegant and atom economical way. We are looking for industrial applications within the BASF portfolio and hope to help the technology finally achieve the industrial impact it should have," stated Dr. Guido Voit, head of BASF's department of Basic Chemicals Research.
Materia was founded in 1998 to commercialize olefin metathesis catalyst technology. This market-enabling, Nobel Prize-winning, green chemical technology enables chemical compounds to be synthesized with greater efficiency, under less stringent reaction conditions, and with reduced byproducts and hazardous waste. Metathesis has been accepted as an emerging "green technology" platform and has been broadly adopted by the pharmaceutical, chemical, and polymer industries. As stated by the Royal Swedish Academy of Sciences when awarding the 2005 Nobel Prize, "Metathesis is an example of how important basic science has been applied for the benefit of man, society, and the environment." For more information, visit www.materia-inc.com.
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals and oil and gas. As a reliable partner BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF has approximately 97,000 employees and posted sales of more than EUR 62 billion in 2008. Further information on BASF is available on the Internet at www.basf.com.