Arysta LifeScience Announces Increase in R&D Pipeline Value
CARY, N.C., Feb. 28, 2017 (GLOBE NEWSWIRE) -- Arysta LifeScience, a Platform Specialty Products company (NYSE:PAH), announced today an increase in the value of its research and development (R&D) pipeline from the addition of seven active substances to its product development portfolio in the last 12 months. Five of them were obtained through in-licensing partnerships with other discovery-based companies. Considering all new products in development for launch from 2017 through 2025, Arysta LifeScience believes that, if successful, its pipeline of products could deliver a combined peak sales potential of up to $1.3 billion.
In September, Platform Specialty Products hosted an Investor Day to present its strategy. During this event, Platform's executive team described its strong focus on niche specialty segments and emphasized its pursuit of differentiation. "Innovation is the lifeblood of our strategy," said Rakesh Sachdev, CEO of Platform Specialty Products. "Our ideation process starts with the customer, and our teams are focused on solving problems. We are excited with the progress of our R&D efforts in the Agricultural Solutions segment."
Despite challenging near-term market conditions in the agriculture industry, Arysta LifeScience's leadership remains confident in its ability to continue to deliver sustainable growth. "We have a great innovation engine combined with excellent global market access in high-value niche segments of the industry," said Diego Lopez Casanello, President of Arysta LifeScience. "This is why our partners entrust us with access to new active substances."
With the addition of these seven new active substances to the Arysta LifeScience product development portfolio, consisting of a herbicide, three insecticides, two fungicides and a novel biostimulant, Arysta LifeScience is nearing the end of the first phase of its pipeline renewal program. Included in this group, as previously announced, are a global collaboration with DuPont Crop Protection on the development of mixtures based on DuPont™ Rynaxypyr® insecticide, as well as an alliance with Beem Biologics to develop a new plant extract as a next generation of biostimulants.
In addition, Arysta LifeScience is actively evaluating several earlier-stage compounds that it believes may have the potential to further increase its pipeline value by moving into full development phase during 2017.
This press release contains "forward-looking statements" within the meaning of the federal securities laws, which include statements regarding Arysta LifeScience's future annual sales, pipeline renewal program and further increase of its pipeline value. These statements are based on Arysta LifeScience management's estimates and assumptions with respect to future events and financial performance, and are believed to be reasonable, though are inherently difficult to predict. Actual results could differ materially from those projected as a result of certain factors. A discussion of factors that could cause results to vary is included in Platform's periodic and other reports filed with the Securities and Exchange Commission. Arysta LifeScience or Platform undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
About Arysta LifeScience
Arysta LifeScience is a global agricultural company specializing in the marketing and distribution of innovative crop protection and life science brands. With more than 200 active ingredients, Arysta LifeScience has a well-integrated biological and chemical portfolio to provide complete solutions to growers. The company's wide range of offerings includes biosolutions, fungicides, herbicides, insecticides and seed treatments. Arysta LifeScience, which has more than 3,000 employees working in 60 countries to serve customers worldwide, had 2016 revenues of US$1.8 billion. Arysta LifeScience is owned by Platform Specialty Products Corporation (NYSE:PAH), a global innovator of technologically advanced specialty chemical products and provider of technical services (www.platformspecialtyproducts.com). For more information on Arysta LifeScience, visit www.arystalifescience.com.
Media Contact: Carey Dorman Director — Corporate Development Platform Specialty Products Corporation +1 561-406-8465