As part of DSM’s strategic transformation and move away from more commoditized and cyclical areas, we have established joint ventures for the pharma activities (DSM Sinochem Pharmaceuticals for anti-infectives in 2011 and Patheon for contract development and manufacturing services in 2014) and for the bulk chemical businesses in Polymer Intermediates and Composite Resins (ChemicaInvest in 2015).

The results of these joint ventures are reported under Share of the profit of associates and joint ventures and Other results related to associates and joint ventures in the Consolidated statements. See also Associates and joint ventures.

These joint ventures have been created with the intention of ultimately exiting these businesses. We expect to extract significant value from monetizing these partnerships in the coming years.

DSM Sinochem Pharmaceuticals

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DSM Sinochem Pharmaceuticals (DSP) was formed in 2011 as a 50/50 joint venture between DSM and Sinochem Group, a Fortune 500 company. DSP is the global leader in sustainable antibiotics, next-generation statins and anti-fungals. DSP develops, produces and sells intermediates, active pharmaceutical ingredients (APIs) and drug products. It is at the forefront of technological and process developments for anti-infectives and cholesterol-lowering molecules, using environmentally-friendly technologies such as fermentation and enzymatic conversions to replace harmful chemical processes.

Headquartered in Singapore, the group has manufacturing sites and sales offices in China, India, Egypt, the Netherlands, Spain, the US and Mexico.

DSP is a market leader in enzymatic beta-lactam and statin APIs, with nearly 350 patented innovations in this field. Full backward integration gives a high level of control over its supply chain and the advantage of using its own high-quality APIs for its finished dosage formulations.

Sustainable antibiotics

All DSP’s high-quality PureActives® APIs are manufactured using enzymes, which allow the production of APIs with a much lower CO2 footprint versus comparable chemically manufactured products. DSP also takes a lead role in promoting sustainable antibiotics and the fight against antimicrobial resistance (AMR). DSP works with partners in the entire value chain to buy, use and sell responsibly made antibiotics.

DSP has implemented the basic requirements for clean and sustainable antibiotics production globally: it operates dedicated waste water treatment plants at all manufacturing sites in combination with antimicrobial activity testing. In 2016, DSP became a signatory company to the UN Industry Roadmap on combating AMR and also joined the Pharmaceutical Supply Chain Initiative, which brings together the pharmaceutical industry to formalize, implement and champion responsible supply chain practices.

DSP’s leadership role in AMR was recognized by CEFIC, the European Chemical Industry Council, with the 2016 Responsible Care Award for Product Stewardship.


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1 Book year 1 November until 31 October

Patheon was formed in 2014 as part of a USD 2.6 billion transaction between JLL Partners and DSM, which combined the businesses of DSM Pharmaceutical Products and Patheon, Inc. The company is a leading global provider of outsourced pharmaceutical development and manufacturing services ranging from formulation development to clinical and commercial-scale manufacturing, packaging, and life cycle management. The company is positioned to add scale, new value chain capabilities and technologies, as well as to expand its end-to-end service offerings as a comprehensive solution to support above-market growth and enhanced profitability.

On 26 July 2016, the company completed an initial public offering (IPO) of 34,226,191 ordinary shares at the price of USD 21.00 per share. As part of the IPO, DSM sold approximately 4.8 million shares. These led to a gain of €232 million in the third quarter of 2016. DSM currently has a shareholding of approximately 34% in Patheon.

Patheon has continued to transform itself, having completed and successfully integrated five accretive acquisitions in the past five years. To further its growth, the company announced on 28 November 2016 that it will acquire a state-of-the-art API manufacturing facility in Florence (South Carolina, USA) from Roche Holdings. With the addition of this site, Patheon expands its capacity for manufacturing highly potent compounds, and adds capabilities to support solid-state chemistry, micronization, and eventually, commercial spray-drying.


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1 Started 31 July 2015

ChemicaInvest is a global leader in the production and supply of caprolactam and a leading European supplier of acrylonitrile and composite resins. DSM has a 35% shareholding in the company.


Caprolactam is the raw material for polyamide 6 (PA6), also known as nylon 6. PA6 is used in diverse applications, ranging from carpets and textiles to car parts, electrical devices and packaging film. The caprolactam business operates under the Fibrant name. On 30 June 2016, Fibrant LLC announced the wind-down of its caprolactam production facility in Augusta (Georgia, USA), with caprolactam production at the site ceasing early November. The drawing rights contract in North America has been continued through another sourcing set-up via Fibrant.


ChemicaInvest is also a leading supplier in the European merchant acrylonitrile market. Acrylonitrile is a raw material for acrylic fibers, plastics, rubber, water treatment chemicals and a wide range of specialty products. This business operates under the name AnQore.

Composite Resins

Composite Resins is a leading supplier in the European market and also has a production site in China. It provides resins solutions for lightweight composites used in trucks and trains, bridges, building facades, wind-turbine blades and trenchless pipe renovation. The Composite Resins business is branded Aliancys.