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Evonik sells stake in Synoste to Globus Medical

October 22/2020

MOSCOW (MRC) -- German chemicals producer Evonik has sold its stake in Finnish medical technology start-up company Synoste Oy to US-based medical device maker Globus Medical for an undisclosed sum, said the company.

Evonik Venture Capital has sold its stake in Synoste Oy to Globus Medical. Evoniks four-and-a-half-year partnership with the Finnish start-up was beneficial to both companies, supporting the development of Synostes technology for orthopedics and giving Evonik further insights into the medical applications market for its high-performance polymers. U.S. based Globus Medical acquired all shares. For Evonik the sale represents an attractive financial return on the initial investment.

The partnership between Evonik and Synoste bore fruit both strategically and financially and is a great example of why we invest in start-ups, said Bernhard Mohr, head of Evonik Venture Capital. We are now pleased to hand over to Globus, confident that it is the right owner to support Synostes further development."

Synoste, based in Espoo, Finland, developed a high-tech implant for a minimally invasive treatment of leg length discrepancy, which can lead to chronic back pain and osteoarthritis in the long term. The bone of the shorter leg is lengthened in a gentle way over a period of several months. The Evonik material used in the implant is a high-performance polymer called polyetheretherketone, or PEEK. The material is biocompatible - not harmful or toxic to living tissue and has excellent mechanical properties. For the patient the implant represents easier treatment with less pain and lower risk compared to previously established methods.

We remind that Russia's output of chemical products rose in August 2020 by 5% year on year. At the same time, production of basic chemicals increased year on year by 5.3% in the first eight months of 2020, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-July output. August production of benzene fell to 102,000 tonnes from 95,300 tonnes a month earlier due to scheduled shutdowns for maintenance at several producers. Overall output of this product reached 918,300 tonnes over the stated period, down by 0.9% year on year. At the same time, August production of primary polymers rose to 888,000 tonnes against 838,000 tonnes in July due to increased capacity utilisation at ZapSibNeftekhim, Stavrolen and Gazprom neftekhim Salavat. Overall output of polymers in primary form totalled 6,630,000 tonnes over the stated period, up by 15.2%  year on year.

Evonik is one of the world leaders in specialty chemicals. The company is active in more than 100 countries around the world and generated sales of EUR13.1 billion and an operating profit (adjusted EBITDA) of EUR2.15 billion in 2019.
Author:Anna Larionova
Tags:petroleum products, medical supplies, Medicine, petrochemistry, Evonik.
Category:General News
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