Danimer Scientific, Inc., a US-based manufacturer of PHA has announced that it has completed the previously announced acquisition of Novomer, Inc. a biotechnology company with proprietary technology to produce biodegradable and compostable plastic biopolymers, including PHA-based resins.
Per the definitive agreement announced on July 28, 2021, Danimer acquired Novomer in a cash transaction for $152 million, subject to customary adjustments. The acquisition includes Novomer’s research centre and pilot plant in Rochester, New York, where it develops new, carbon-efficient, cost-effective polymers and chemicals, including poly(3-hydroxypropionate), or p(3HP), which is a member of the PHA family of materials. The proprietary process is feedstock agnostic, meaning it can use either waste CO2 or 100% renewable sources to create the biopolymers.
Also included in the deal is Novomer’s library of over 240 patents and patents pending, and a team of approximately 20 professionals, including scientists, engineers and technicians.
“This transaction enables Danimer to continue our development and deployment of products for consumer packaging and other applications that the marketplace is demanding,” said Stephen E. Croskrey, CEO at Danimer.
Jeff Uhrig, formerly CEO of Novomer and now General Manager and President of Danimer Scientific Catalytic Processes following the closing, said, “The closing of this transaction will allow us to hit the ground running so we can recognize the extraordinary benefits of this combination. Together, we are excited to continue our efforts to commercialize this technology at scale to help reduce plastic waste on our planet.”