CC - Chemours to sell glycolic acid business to Iron Path in $137M deal
2023-06-01 16:44:18 ET
Chemours ( NYSE: CC ) said Thursday it agreed to sell its glycolic acid business to PureTech Scientific, backed by P-E firm Iron Path Capital, for $137M in cash.
Glycolic acid is a type of alpha hydroxy acid commonly used to treat acne, aging skin, dark skin patches on the face, and acne scars.
With the deal, PureTech Scientific said it is positioning itself to become the global leader in organic synthesis of ultra-high purity alpha hydroxy acids for the Life Sciences and Specialty Chemical industries.
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Chemours to sell glycolic acid business to Iron Path in $137M deal