Conagen receives an investment of 30 M$ from Sumitomo Chemical to support the design of green chemicals
Type of post: NEWS IN BRIEF.
Conagen (Greater
Boston-based biotech) has received a strategic investment from Sumitomo Chemical (Japanese
chemical company). The investment will accelerate Conagen’s synthetic biology
research and development.
Press release (Conagen): Conagen receives a strategic
investment from Sumitomo Chemical, 31/3/2020.
Press release (Sumitomo Chemical): Sumitomo Chemical Invests in
Conagen, U.S. Bio-Venture, 2/4/2020.
Figure 1. Conagen receives an
investment of 30 M$ from Sumitomo Chemical to support the design of green
chemicals (extracted from the press release)
Conagen innovates and develops synthetic
biology solutions for supporting global partners across a spectrum of markets (food,
nutrition, flavour and fragrance, pharmaceutical and renewable materials). The
company has an integration business model with the capacity to scale-up
ingredient bioprocesses at multiple biomanufacturing sites around the world.
Sumitomo Chemical has conducted joint research with
Conagen since 2018 on the biosynthesis of existing chemicals. Based on the
results of the research, last year Sumitomo Chemical made an investment in SweeGen, which is part of a business group
centered on Conagen. Now, the biotech firm has received a strategic investment
of 30 M$ from Sumitomo Chemical to support the design of high functional
products and processes by way of synthetic biology. Both Sumitomo Chemical and
Conagen share a vision of bio-designing and introducing sustainable green
chemicals to the market for reducing the global chemical footprint that impacts
humans, animals, plants and the environment.