Chemicals source Business Wire title Chemists in the US are increasingly buying up chemical stocks, as the US pharmaceutical industry struggles to fill its supply gap article Chemists are increasingly purchasing up chemical assets, as US pharmaceutical companies struggle to fill their supply gap.
The Dow Chemical Co. (NYSE:DJPM) and DuPont, which owns a majority stake in DuPont parent Dow Chemical Inc., announced this week that they intend to buy at least a third of Chemtronic, the chemical company behind the drug OxyContin.
The buyout is part of the company’s $2.5 billion acquisition of ChemTronic in October.
The deal also includes the purchase of DuPont’s ChemTec subsidiary.
The announcement came a day after the Dow Chemical and DuPoys said they would merge, a move that was expected to raise the combined company’s market value by as much as $1 billion.
ChemTex’s market cap is estimated at $5.5 million.
The companies said they intend the deal to boost ChemTrex’s market share by 30%.
Dow Chemical has a market value of $68.9 billion.