PureTech Scientific Inc., a company founded and backed by Iron Path Capital, has purchased the glycolic acid business of the Chemours Company.
With this deal, PureTech Scientific looks to better position itself in the organic synthesis of ultra-high purity alpha hydroxy acids for the life sciences and specialty chemical industries. The transaction is expected to close by the third quarter of 2023.
“Our glycolic acid portfolio includes a range of technical and cosmetic grades suitable for use in diverse applications,” states Denise Dignam, president of Chemours Chemical Solutions. “As passionate stewards of these brands, our team believes the portfolio is a fitting part of PureTech Scientific’s growth plan and is well reflected in the terms of this agreement.”
Grace Matthews Inc. is acting as Chemours’ financial advisor and Spilman Thomas & Battle PLLC is acting as its legal advisor. McDermott Will & Emery is acting as Iron Path Capital’s legal advisor.