Brocair Partners Advises Public Pharmaceutical Intermediates Company on Sale to Strategic Buyer

Brocair Partners LLC, an investment bank serving the healthcare industry, advised Synthetech, Inc. (OTCBB:NZYM) in the sale to W. R. Grace & Co. (NYSE:GRA)

NEW YORK, NY – November 18, 2010 – Brocair Partners LLC, an investment banking firm serving the healthcare industry, advised Synthetech, Inc. (OTCBB:NZYM), a U.S. public company, in the sale to W.R. Grace & Co., (NYSE:GRA) based in Maryland. In addition, Brocair also issued a fairness opinion to the Special Committee of the Board of Directors of Synthetech.

Grace acquired Synthetech from shareholders for an aggregate purchase price of $19.2 million. The transaction closed November 18, 2010. Synthetech will be integrated into Grace Davison’s Specialty Technologies business and become a wholly owned subsidiary of Grace.

Rusty Ray, Partner at Brocair, explained, “This has been a transformative transaction for our client, Synthetech, and provides the company with a tremendous advantage that comes with being part of a larger entity.”

On June 28, Synthetech Inc. announced that it had engaged Brocair Partners LLC to conduct a comprehensive review of strategic alternatives aimed at enhancing shareholder value. Strategic alternatives Synthetech considered included, among others, the execution of Synthetech’s operating plan, the sale or acquisition of assets or businesses, partnering or other collaboration agreements or arrangements, a merger or sale of the company or other strategic transactions.

“We worked with the Board of Synthetech to explore options to create shareholder value,” explained Gregg Blake, Managing Partner at Brocair. “In the end the transaction with Grace delivered value for shareholders, and a significant premium over Synthetech’s recent trading range.”

The definitive merger agreement was announced on September 14.

Synthetech, Inc., a fine chemicals company, specializes in organic synthesis, biocatalysis, and chiral technologies. The company develops and manufactures proprietary custom chiral intermediates, amino acid derivatives, specialty amino acids, peptide fragments, and specialty resins primarily for the pharmaceutical industry, as well as produces pharmaceutical intermediates. Synthetech’s products are used in the development and manufacture of therapeutic peptides and peptidomimetic small molecule drugs at various stages of a customer’s clinical development pipeline, and are used as ingredients in drugs for the treatment of AIDS, cancer, cardiovascular, and other diseases. The company was founded in 1981 and is headquartered in Albany, Oregon.

Grace is a leading global supplier of catalysts and other products to petroleum refiners; catalysts for the manufacture of plastics; silica-based engineered and specialty materials for a wide range of industrial applications; sealants and coatings for food and beverage packaging, and specialty chemicals, additives and building materials for commercial and residential construction. Founded in 1854, Grace has operations in over 40 countries.