Assessing performance drivers in cross-border M&A

This research is an investigation on the deal-specific factors impacting long-term performance of cross-border M&A and on the nature of such relations. The analysis is conducted on a sample of 187 cross-border deals completed within the pharmaceutical and biotech industries by Western European bidders between 2000 and 2009. Findings suggest that post-deal variation in gross profit improves when bidders diversify in other businesses, when assets are purchased instead of equity, and when stock is used as deal currency. Furthermore, the method of payment is found to moderate the effects geographical distance has on deal outcomes.

Cryopreservation of Cell Sheets of Adipose Stem Cells: Limitations and Successes

Cell Sheets of hASCs (hASCs-CS) have been previously proposed for wound healing applications(1, 2) and despite the concern for production time reduction, the possibility of having these hASCs-CS off-the-shelf is appealing. The goal of this work was to define a cryopreservation methodology allowing to preserve cells viability and the properties CS matrix. hASCs-CS obtained from three different donors were created in UP-cell thermoresponsive dishes(Nunc, Germany) as previously reported(1,2). Different cryopreservation conditions were considered: i)FBS plus DMSO(5% and10%); ii)0.4M of Trehalose plus DMSO (5% and 10%); iii)cryosolution PLL (Akron Biotech, USA); and iv)vitrification. The cryopreservation effect was first assessed for cellular viability by flow cytometry using 7-AAD, and after dissociating the hASCs-CS with collagenase and trypsin-EDTA 0.25%. The expression (RT-PCR) and deposition (western blot and immunocytochemistry) of collagen type I, laminin and fibronectin, and the organization (TEM) of the extracellular matrix was further assessed before and after hASCs-CS cryopreservation to determine a potential effect of the method over matrix composition and integrity. The obtained results confirmed that cell viability is affected by the cryopreservation methodology, as shown before for different CS(3). Interestingly, the matrix properties were not significantly altered and the typical cell sheetâ s easiness of manipulation for transplantation was not lost.

Venture capital meets contract theory: risky claims or formal control?

This paper develops a theory of the joint allocation of formal control and cash-flow rights in venture capital deals. We argue that when the need for investor support calls for very high-powered outside claims, entrepreneurs should optimally retain formal control in order to avoid excessive interference. Hence, we predict that risky claims should be be negatively correlated to control rights, both along the life of a start-up and across deals. This challenges the idea that risky claims should a ways be associated to more formal control, and is in line with contractual terms increasingly used in venture capital, in corporate venturing and in partnership deals between biotech start-ups and large drug companies. The paper provides a theoretical explanation to some puzzling evidence documented in Gompers (1997) and Kaplan and Stromberg (2000), namely the inclusion in venture capital contracts of contingencies that trigger both a reduction in VC control and the conversion! of her preferred stocks into common stocks.

Human Immunodeficiency Virus Seroprevalence among Inmates of the Penitentiary Complex of the Region of Campinas, State of São Paulo, Brazil

Six hundred and ninety three male inmates from three penitentiaries, two (A and B) maximum-security systems and one (C) minimum-security facility, located in Campinas, State of São Paulo, Brazil were studied for the presence of human immunodeficiency virus (HIV) antibodies, using a cross-sectional design. The search for anti-HIV antibodies in 693 samples of sera collected was carried out by two serological tests: (a) the Microparticle enzyme immunoassay-HIV-1 and HIV-2 (MEIA) (Abbott Laboratories) and (b) the Western Blot-HIV-1 (WB) (Cambridge Biotech Corporation) to confirm positive results with MEIA. Sera reactivity for HIV antibodies was 14.4%. The highest frequency of anti-HIV antibodies was found in the A and B maximum-security prisons: 17% and 21.5%, respectively. In prison C, the frequency of reagents was 10.9%. Seventy three inmates, initially negative in the MEIA test, were checked again five and seven months later. Three of them, all from the maximum-security facilities, became reactive in the MEIA test, with confirmation in the WB, suggesting that serological conversion had occurred after imprisonment.

Characterization of Adult Stem/Progenitor Cell Populations From Bone Marrow in a Three-Dimensional Collagen Gel Culture System.

Stem cell transplantation therapy using mesenchymal stem cells (MSCs) is considered a useful strategy. Although MSCs are commonly isolated by exploiting their plastic adherence, several studies have suggested that there are other populations of stem and/or osteoprogenitor cells which are removed from primary culture during media replacement. Therefore, we developed a three-dimensional (3D) culture system in which adherent and non-adherent stem cells are selected and expanded. Here, we described the characterization of 3D culture-derived cell populations in vitro and the capacity of these cells to differentiate into bone and/or cartilage tissue when placed inside of demineralized bone matrix (DBM) cylinders, implanted subcutaneously into the backs of rat for 2, 4 and 8 weeks. Our results demonstrates that 3D culture cells were a heterogeneous population of uncommitted cells that express pluripotent, hematopoietic, mesenchymal and endothelial specific markers in vitro and can undergo osteogenic differentiation in vivo.

La recherche biomédicale en Suisse : espace social, discours et pratiques

Cette étude porte sur la recherche biomédicale en Suisse dans une perspective interprétative. Elle s'intéresse à l'usage que font les acteurs scientifiques et institutionnels de la catégorie «biomédical», à la signification qu'ils en donnent et aux processus de structuration de la recherche biomédicale autour de ces enjeux de catégorisation. Nous avons formulé l'hypothèse que le «biomédical» pouvait être considéré comme un label, à savoir une stratégie discursive de positionnement des acteurs, ou pouvait constituer un champ, à savoir un espace social de recherche fortement structuré. Pour pouvoir vérifier la validité de ces hypothèses, trois perspectives analytiques ont été retenues: topographie, discours et pratiques. Dans un premier temps, nous avons établi une topographie de la recherche biomédicale en repérant les acteurs (et leur appartenance disciplinaire) et les institutions qui s'associent au terme «biomédical», que ce soit pour décrire des institutions ou des projets de recherche. Les résultats de cette analyse offrent une première approximation d'un espace de la recherche en donnant une image d'un domaine peu unifié. Ainsi, l'usage de la catégorie «biomédical» dans les projets des chercheurs n'est pas le fait des seuls médecins et biologistes, mais également de représentants d'autres disciplines. La physique, la chimie et les sciences de l'ingénieur occupent ainsi également une place très importante dans cet espace de recherche. Puis, dans une perspective discursive, nous avons analysé le «biomédical» non seulement comme un label, mais également comme un objet-frontière permettant d'articuler différentes significations, de produire du sens là où des univers de recherche pourraient s'opposer, ou à coordonner des politiques qui ne l'étaient pas. L'analyse des différentes définitions du «biomédical» nous a confirmé l'existence d'un espace social marqué par une grande diversité disciplinaire, toutefois articulé autour d'un coeur médical et, plus particulièrement, d'une application médicale (potentielle ou actuelle). De plus, il ne semble pas y avoir de profondes luttes pour l'établissement de limites claires au «biomédical». Finalement, nous avons étudié les différentes activités de la production des savoirs (carrières, financement, collaboration, publication, etc.). Cette analyse a permis de comprendre que la diversité des définitions et des significations que les acteurs attribuent à la catégorie «biomédical» a aussi un ancrage dans la matérialité des réseaux sociotechniques dans lesquels les chercheurs s'inscrivent. Ces éléments confirment l'idée d'une fragmentation et d'une hétérogénéité de l'espace de la recherche biomédicale. En dépit de cette fragmentation, nous avons également montré que différentes mesures et instruments d'action publique visant à organiser et réguler les pratiques des chercheurs sont mis en oeuvre. Néanmoins et paradoxalement, la recherche biomédicale ne constitue pas pour autant un objet de politique scientifique abordé par les autorités politiques, en tous les cas pas sous l'angle de la catégorie «biomédical». Ces différents niveaux d'analyse ont permis d'arriver à la conclusion que la catégorie «biomédical» n'est pas suffisamment institutionnalisée et que le degré d'interaction entre l'ensemble des chercheurs qui en font usage est trop faible pour que l'on puisse considérer le «biomédical» comme un espace social fortement organisé et structuré, à savoir un champ de la recherche biomédicale. Cela est principalement lié au fait que les acteurs ne partagent pas les mêmes définitions de ce qu'est (ou devrait être) le «biomédical», que leurs pratiques de recherche s'inscrivent dans des univers relativement séparés, et que cette diversité ne donne pas lieu à de fortes luttes pour l'imposition d'une définition légitime ou de normes d'excellence scientifiques dominantes. Par contre, les analyses ont permis de confirmer la validité du «biomédical» comme label, puisque les acteurs se servent de cette catégorie pour valoriser leurs pratiques de recherche et se positionner, même si d'autres notions ont émergé ces dernières années («translationnel», «biotech», «medtech», médecine personnalisée, etc.). On peut, in fine, considérer le «biomédical» comme un probable langage commun («objet-frontière») reposant tant sur la scientificisation du médical que sur la médicalisation des sciences («de base» et «techniques »), visant à améliorer les conditions de possibilité d'un dialogue fructueux entre chercheurs fondamentaux et cliniciens.

Evaluation of the new photosensitizer Stakel (WST-11) for photodynamic choroidal vessel occlusion in rabbit and rat eyes.

PURPOSE: To evaluate the photodynamic potential of a new hydrosoluble photosensitizer (WST-11, Stakel; Steba Biotech, Toussus-Le-Noble, France), for use in occlusion of normal choroidal vessels in the rabbit eye and CNV (choroidal neovascularization) in the rat eye. METHODS: Occlusive and nonocclusive parameters of Stakel and verteporfin photodynamic therapy (PDT) were investigated in pigmented rabbits. Eyes were followed by fluorescein angiography (FA) and histology at various intervals after PDT. RESULTS: When occlusive parameters (fluence of 50 J/cm(2), 5 mg/kg drug dose and DLI [distance to light illumination] of 1 minute) were used, Stakel PDT was efficient immediately after treatment without associated structural damage of the RPE and retina overlying the treated choroid in the rabbit eye. Two days later, total occlusion of the choriocapillaries was seen in 100% of the treated eyes, along with accompanying histologic structural changes in the overlying retina. When the occlusive parameters (fluence, 100 J/cm2; drug dose, 12 mg/m2; and DLI, 5 minutes) of verteporfin PDT were used, occlusion of the choriocapillaries was observed in 89% of the treated eyes. Histology performed immediately after treatment demonstrated structural damage of the overlying retina and RPE layer. Weaker, nonocclusive Stakel PDT parameters (25 J/cm2, 5 mg/kg, and DLI of 10 minutes) did not induce choriocapillary occlusion or retinal lesions on FA or histology. Weaker, nonocclusive verteporfin PDT parameters (10 J/cm2, 0.2 mg/kg, and DLI of 5 minutes) did not induce choriocapillary occlusion. However, histology of these eyes showed the presence of damage in the retinal and choroidal tissues. Moreover, preliminary results indicate that selective CNV occlusion can be achieved with Stakel PDT in the rat eye. CONCLUSIONS: Unlike verteporfin PDT, Stakel PDT does not cause direct damage to the RPE cell layer or retina. These observations indicate that Stakel PDT may have a high potential for beneficial therapeutic outcomes in treatment of AMD.

Kompostointilaitoksen lopputuotteen käyttömahdollisuudet. Case: Himanka

Työssä selvitetään kompostointilaitoksen lopputuotteen erilaisia käyttömahdollisuuksia. Yleisten käyttökohteiden pohjalta on luotu malli Vapo Oy Biotech:n toimittaman Himangan kompostointilaitoksen kompostin hyödyntämiselle. Laitos sijaitsee Himangan kunnassa Keski- Pohjanmaalla. Laitoksella kompostoidaan pääasiassa Himangan ja ympäröivien kuntien jätevesilietteitä turkiseläinlantaa. Jätehuolto Suomessa ja koko EU:n alueella elää voimakasta muutoskautta. Orgaanisten jätteiden vienti kaatopaikoille pyritään tulevaisuudessa lopettamaan kokonaan, mikä on lisännyt niiden käsittelyä mm. kompostoimalla. Kompostoinnin lopputuotteena saadaan ravinteikasta, humuspitoista ainesta. Kompostoinnin yhtenä tavoitteena on tuottaa hyötykäyttöön soveltuvaa tuotetta, joten käyttökohteen löytäminen kompostille on laitoksen toiminnan kannalta erittäin tärkeää. Kompostin käyttömahdollisuuksiin vaikuttavat lainsäädäntö, kompostin ominaisuudet sekä paikalliset olosuhteet. Käyttökohteet on työssä jaettu ei-energiakäyttöön ja energiakäyttöön. Ei-energiakäyttöön kuuluvat maanparannuskäyttö, lannoitekäyttö, käyttö kasvualustassa, maisemointi ja julkinen rakentaminen sekä joitakin erityissovelluksia. Energiakäytön puolella on tarkasteltu kompostin soveltuvuutta erilaisille polttotekniikoille sekä vertailtu kompostia muihin kiinteisiin polttoaineisiin. Kompostien soveltuvuutta eri kohteisiin on arvioitu kompostin analyysi- ja kasvatuskoetulosten pohjalta. Kompostin ei-energiakaytössa on saatu eri tutkimuksissa lupaavia tuloksia. Kompostin on todettu soveltuvan erittäin hyvin mm. perunanviljelyyn, viljan ja nurmikasvien viljelyyn ja erilaisiin maisemointikohteisiin sekä kotipuutarhakäyttöön. Kompostin käyttöä polttoaineena ei ole vielä kokeiltu missään. Kompostin polton suurimmat ongelmat ovat korkea tuhka-, rikki- ja typpipitoisuus sekä epätasainen laatu.

Fatos e tendências da biocatálise

Brazil is renowned for its biodiversity; however, its economy is based on exotic plants, extraction and unsustainable use of natural resources. This issue was addressed in a recent QN review entitled "Chemistry without Borders." In order to explore the potential of Brazilian biodiversity fully, sustainable development is required in key technological areas, such as biotechnology. This research field is consistent with the green chemistry and white technology principles. Therefore, biotechnology is a sustainable alternative to conventional technologies and is expected to account for 20% of global chemicals by 2020. Brazil is the second largest grower of biotech crops and biodiesel, but its main activities rely on the fermentative process. In order to stimulate the national biotechnology development, the Brazilian Federal Government launched a national policy for biotechnology in 2007 and the National Committee of Biotechnology was created. Among the outstanding biotechnological processes, biocatalysis is one of the most important alternatives to conventional processing, and this field has changed dramatically with the advent of recombinant DNA technology in the 1970s, when large quantities of enzymes were accessible. The direct evolution methodology in the 1990s was a breakthrough and allowed tailoring of enzymes possessing high stability and stereoselectivity. However, about 60 years after the first industrial enzymatic biotransformation of steroids, the full potential of biocatalysis is far from being achieved. Future challenges in this field concern the multienzyme cascade reactions associated with optimized chemoenzymatic processes, and some recent industrial application of biocatalysts are also highlighted in this perspective.

Produtividade e rendimento de sementes de pinhão-manso submetido à irrigação e adubação com OMM-Tech

Com o objetivo de avaliar os efeitos da irrigação e aplicação do fertilizante Organo-Minerais-Marinhos + Biotech® (OMM-Tech) na produtividade e rendimento do pinhão-manso, um experimento foi instalado em Lavras - MG. O delineamento estatístico utilizado foi o de blocos casualizados, com parcelas subdivididas, contendo três repetições. As parcelas receberam tratamentos constituídos por três formas de aplicação do fertilizante OMM-Tech, ou seja: T1 = Testemunha (Sem OMM-Tech); T2 = via solo (120 kg ha-1 de OMM-Tech na forma de pó); T3 = via foliar (OMM-Tech na forma líquida e na concentração de 5%); e T4 = via solo + foliar (60 kg ha-1 de OMM-Tech na forma de pó + OMM-Tech na forma líquida, na concentração de 2,5%). As sub-parcelas receberam os tratamentos de manejo de água, ou seja, com e sem irrigação. O sistema de irrigação utilizado foi o gotejamento, com emissores espaçados a cada 0,50 m. Para avaliar a resposta da cultura, utilizaram-se dados de produtividade e rendimento de sementes referentes ao primeiro ano de produção. Os tratamentos aplicados produziram efeitos significativos sobre o rendimento e a produtividade da cultura. As plantas irrigadas e adubadas com OMM-Tech pó, via solo, na dose de 120 kg ha-1, foram as que apresentaram o melhor resultado.

Biopulping of Paddy Straw by Pleurotus eous

Biopulping being less energy intensive, inexpensive and causing lesser pollution, can be a viable alternative to chemical and mechanical pulping in paper and pulp industry. In view of shrinking forest reserves, agricultural residues are considered as an alternative raw material for making paper and board. By suitable treatment agriwaste can be converted into substrate for mushroom cultivation. Mushrooms of Pleurotus sp. can preferentially remove lignin from agriwaste with limited degradation to cellulose. The present study examines utilization of Pleurotus eous for biopulping of paddy straw by solid substrate fermentation. SMS, the mushroom growing medium that results from cultivation process, is a good source of fibre and can be pulped easily. Ligninases present in SMS were able to reduce lignin content to nearly half the initial amount by 21st day of cultivation. Highest cellulose content (% dry weight) was observed on 21st day, while cellulase production commenced from 28th day of cultivation. SEM images revealed that SMS fibres are still associated with non-cellulosic materials when compared to chemically (20% w/v NaOH) extracted fibres.

Flora medicinal y sus conocimientos asociados : lineamientos para una reglamentación

En este texto se presenta un espacio de intercambio de conocimientos desde una perspectiva científica, técnica y jurídica, para contribuir a la protección de los recursos naturales. Debido a la importancia de establecer mecanismos para proteger la biodiversidad y posibilitar la preservación de los conocimientos asociados especialmente al uso de la flora medicinal, la Línea de Investigación en Política y Legislación, del Grupo de Estudios en Sistemas Tradicionales de Salud de la Facultad de Medicina, y la Línea de Derecho Ambiental y Grupos Étnicos, del Grupo de Derechos Humanos de Jurisprudencia de la Universidad del Rosario, desarrollaron este libro a través del cual la Universidad se propone profundizar en el panorama actual de la reglamentación y política –Internacional, nacional y local—respecto a la flora medicinal y al patrimonio cultural inmaterial asociado a esta.

Análisis de la incidencia de la producción de biocombustibles a través de cultivos transgénicos en la seguridad alimentaria. Estudio de caso: Cultivos de soja transgénica en Argentina

La búsqueda de los Estados por mitigar su dependencia energética de las fuentes fósiles, ha traído consigo la búsqueda de energías alternativas, desencadenando en el uso y producción de biocombustibles. A su vez, la producción de estos últimos a través de cultivos transgénicos ha ido cobrando importancia en el escenario internacional. Esta opción se ha considerado como una salida al dilema de utilización de tierras "Biocombustible vs. Alimentos". En este contexto, el caso de Argentina, como uno de los mayores productores de cultivos transgénicos del mundo, entre los cuales se destaca la soja, se analiza en esta investigación por ser importante para determinar cuál es el impacto de los biocombustibles producidos a través de cultivos transgénicos en la seguridad alimentaria de la población.

Estudio descriptivo de las prácticas y percepción de seguridad alimentaria y nutricional del municipio de Pacho Cundinamarca, 2014

El presente documento tuvo como objetivo el diagnóstico de las prácticas de alimentación de interés en nutrición y salud pública y la percepción de seguridad alimentaria en los hogares del municipio de Pacho departamento de Cundinamarca, información que permitió hacer análisis descriptivo de las frecuencias de consumo de los grupos alimentarios y la cualificación de seguridad en cuanto al acceso a los alimentos. Lo anterior se desarrolló mediante la adaptación de dos de los cinco formularios estructurados para la encuesta nacional de situación nutricional en Colombia del año 2010 liderado por el ministerio de protección social; las encuestas fueron realizadas a 400 personas jefe de hogar de acuerdo a muestreo aleatorio estratificado. El estudio mostró que hay inseguridad alimentaria total en un 34,7%, lo que incluye una percepción de inseguridad en un 3% del total de las familias encuestadas. Por último el estudio permitió concluir la importancia de fortalecer los programas de gobierno existentes, en aras de permitir el favorecimiento de la seguridad alimentaria y nutricional y el cambio de hábitos de nutrición desde una perspectiva intersectorial donde se incluyan los factores sociales, culturales, económicos y ecológicos de la comunidad orientados a estilos de vida saludables transcendentales en prevenir y disminuir el riesgo de enfermedades crónicas no transmisibles.

Nuevos enfoques para la gestión estratégica de I+D e innovación en las universidades.

Monográfico con el título: 'La gestión estratégica de la Educación Superior : retos y oportunidades'. Resumen basado en el de la publicación