Bayer and Symyx Expand Collaboration in High Speed Materials Discovery for Third Time.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BW HealthWire)--Sept. 16, 1999-- Bayer AG Bayer AG German chemical and pharmaceutical company. Founded in 1863 by Friedrich Bayer (1825–1880), it now operates plants in more than 30 countries. Bayer has originated scores of pharmaceuticals, chemicals, and synthetic materials; it was the first developer and and Symyx Technologies, Inc. today announced the third expansion of their collaboration in high speed combinatorial technologies for the discovery of new materials. This expansion continues the work of their initial March 1998 agreement and extends the collaboration through the end of 2000. In addition to this continued effort, Bayer and Symyx initiated a program in January 1999 to discover catalysts for the manufacture of polyolefins. Total cumulative funding for the alliance may reach close to $60 million by 2002, of which $36 million is guaranteed. "Our partnership with Symyx has given us an edge in materials innovation, and we are convinced that the future of high speed materials discovery is to be found in the Silicon Valley," said Professor Hans Rosenkranz, head, central research for Bayer AG. "This extension confirms the rapid progress we have seen throughout our collaboration and our desire to see these programs through to completion." According to Steven Goldby, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Symyx, "Bayer is our largest partner, and we are pleased to continue toward our mutual goal of discovering and commercializing high value, innovative materials." Bayer is an international, research-based company with major businesses in life sciences, chemicals and imaging technologies. With 145,000 employees worldwide, Bayer budgets approximately $2.5 billion for research, attesting to the company's drive for innovation. Symyx develops and applies combinatorial technologies to the discovery of materials for the electronics and chemical industries, through research partnerships and technology access, as well as for its own proprietary programs. Symyx was founded by Dr. Alejandro C. Zaffaroni, founder of ALZA Corporation, DNAX Research Institute, Affymax N.V. and Affymetrix, and Peter G. Schultz, head of the Novartis Institute for Genomics Research and professor of chemistry at the Scripps Research Institute. Symyx has over 150 employees and has raised approximately $140 million to date from research contracts and equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. . Symyx has alliances with Bayer, BASF BASF Bar Association of San Francisco (since 1872; San Francisco, California) BASF Badische Anilin und Soda Fabrik (German chemical products company) BASF Builders Association of South Florida , Celanese, Ciba Specialty Chemicals “Ciba” redirects here. For the pre-1971 company, see Novartis. Ciba Specialty Chemicals is a chemical company based in and near Basel, Switzerland. It was formed as the non-pharmaceuticals elements of Novartis were spun out in 1997, following the merger in the , the Dow Chemical Company The Dow Chemical Company (NYSE: DOW TYO: 4850 ) is an American multinational corporation headquartered in Midland, Michigan. Overview The Dow Chemical Company is currently the second largest chemical manufacturer in the World (after BASF)[1]. , Osram GmbH and Unilever. |
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