Synthetech Announces Bankruptcy Court Approval of Merger with W. R. Grace Subsidiary
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ALBANY, Ore., Oct. 18 - W. R. Grace & Co. (NYSE: GRA) has received approval from the United States Bankruptcy Court for the District of Delaware of the previously announced transactions contemplated by the Agreement and Plan of Merger dated as of September 13, 2010 pursuant to which W. R. Grace & Co.-Conn, a wholly-owned subsidiary of W. R. Grace & Co., will purchase Synthetech, Inc. (OTC Bulletin Board: NZYM), a manufacturer of fine chemicals specializing in organic synthesis, biocatalysis and chiral technologies.
In addition to obtaining Bankruptcy Court approval, the boards of directors of both companies have approved the transaction. However, the merger remains subject to approval by Synthetech's shareholders and the satisfaction of other closing conditions.
About Synthetech
Synthetech, Inc., based in Albany, Oregon, is a fine chemicals company specializing in organic synthesis, biocatalysis and chiral technologies. Synthetech develops and manufactures amino acid derivatives, specialty amino acids, peptide fragments and proprietary custom chiral intermediates primarily for the pharmaceutical industry. Synthetech produces advanced pharmaceutical intermediates in accordance with current Good Manufacturing Practices (cGMP) and in compliance with U.S. Food and Drug Administration (FDA) regulations. Synthetech's products support the development and manufacture of therapeutic peptides and peptidomimetic (peptide-like) small molecule drugs from early stages of a customer's clinical development through market launch and into commercial production. Synthetech's products also support the production of chemically-based medical devices. Synthetech's domestic and international customer base includes major and mid-size pharmaceutical, contract drug synthesis, emerging and established biotechnology and medical device companies. Synthetech also supplies catalog quantities of specialty amino acids to research institutions, universities and drug discovery firms.
About Grace
Grace is a leading global supplier of catalysts and other products to petroleum refiners; catalysts for the manufacture of plastics; silica-based engineered and specialty materials for a wide range of industrial applications; sealants and coatings for food and beverage packaging, and specialty chemicals, additives and building materials for commercial and residential construction. Founded in 1854, Grace has operations in over 40 countries. For more information, visit Grace's web site at www.grace.com.
SOURCE Synthetech, Inc.
CONTACT:
Gary Weber of Synthetech, Inc.,
+1-541-967-6575
Web Site: www.grace.com
