It was the kind of entrepreneurial breakthrough that China counts on to make it a global leader in innovation.
Cathay Industrial Biotech, a private company here, developed a way to ferment hydrocarbons in industrial vats and turn them into advanced nylon ingredients for use in lubricants, diabetes drugs and other 21st-century marvels.
The patents Cathay won prompted Dupont, a leading global producer of nylon, to become one of Cathay’s biggest customers. And the $120 million that Goldman Sachs and other backers have pumped into Cathay in recent years primed investors in China and abroad to eagerly await a public stock offering that had been planned for earlier this year.
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