PCAS GROUP 2006€¦ · are devoted to R&D 112 employees, 26 of whom hold PhDs 2 million euros...

PCAS GROUP 2006

more than chemistry

couv pcas 2006 gb 25/10/07 11:19 Page 2

178,3 M€consolidated net sales

8 Production sites(6 in France, 1 in Finland,1 in Canada) of which 4 unitsare cGMP* and regularly FDA*inspected

7 % of net salesare devoted to R&D112 employees, 26 of whom hold PhDs

2 million eurosinvested

in safety-environmentin 2006

representing 20 %of the group’s investments

1.059employees

700 m3 of productioncapacity

of which 350 m3 are cGMP

Contents1. Profile

2. Interviews with the Chairman and Managing Director

5. Key Figures – PCAS Stocks

6. Organisation

8. Pharmaceutical Synthesis

14. PCAS Biosolution

16. Fine Speciality Chemicals

22. Research and Development

24. Human Resources

26. Quality and Regulatory Affairs

27. Health, Safety and Environment

29. REACH

30. Glossary

couv pcas 2006 gb 25/10/07 11:20 Page 3

PCAS 2006

Profile

MANUFACTURER OF COMPLEXMOLECULES WITH HIGH ADDED-VALUE

The PCAS group is focussed on several buoyant markets in Fineand Speciality Chemicals.

Fine Chemistry consists of developing and producing complexmolecules from basic chemical substances in a number ofsuccessive reactions or “steps”, each one may call on a differenttechnology. As to Speciality Chemicals, it concerns the manufacture of productswith well-defined properties for a specific use.

PCAS’s expertise, acquired over more than 40 years, enables thecompany to devise and produce molecules with a high technologicaladded-value as well as synthesis intermediates*. PCAS is today one of the significant players in the world marketfollowing a phase of external growth and integration of itsacquisitions which has enabled it to grow its production capacity andto extend its technological palette.More often than not, its customers are world leaders in theirrespective markets. PCAS establishes relations based on long-termpartnerships with them, founded on confidence and proximity andcompletely respecting ethical codes and confidentiality.

PCAS’s strength is to know how to follow through all the steps of aproject with its customers whilst drawing on R&Ds’ capacity andpotential expertise in the main key technologies*. Its flexible industrial equipment is devised in order to respond tothree imperatives: product quality, process optimisation, reactivitywith a constant concern for safety and durable development. PCASadopts a “service based” approach which includes the completionof regulatory files*, necessary to launch the products on the marketand which has become a strategic point.

Thanks to its customer focussed organisation, PCAS adapts to therequirements and details of a project with flexibility, whilst taking oncertain key steps or the entire development cycle. Its catalogue product range is extended to anticipate the needs of itspartners. It supports the development of new markets, notably inPharmaceutical Synthesis*, the emergence of biotechnology start-ups and the increase in strength of generics*, in which PCASalready has a solid experience and a portfolio enriched withmolecules.

1

2 fields of activityPharmaceutical Synthesis:

• non exclusive molecules• custom-made exclusive molecules

Fine Speciality Chemicals:• molecules for the Fragrance-Flavours-Cosmetics sector• additives* for industry (Performance Chemicals)• synthesis intermediates for imaging, electronics and in general, new technologies

* To facilitate the reading of this document, a glossary appears pages 30, 31 and 32.

PCAS complet gb2 25/10/07 11:25 Page 1

Interviews

PCAS 2006

Interview with Christian MORETTI,Chairman

What are the main events of 2006? Christian Moretti.■ The formation of two poles in June 2006: Pharmaceutical

Synthesis and Fine Speciality Chemicals completely integratedfrom marketing and sales to manufacture (dedicated plants) andsupported by four other departments: Administration and Finance,Research and Development, Purchasing, Quality.

■ PCAS Finland’s recovery, which experienced an operating loss of2.3 M€ in 2005, and made an operating profit of 0.4 M€ in 2006.

■ PCAS’s association with PROTEUS through PCAS Biosolution, a50/50 joint-venture, completed by a 6.2% investment inPROTEUS’s capital.

■ The development of a 3 year plan from which the 2007 budget isderived and where a clear improvement in the group’s results willbe seen.

■ The redeployment of the agents’ and distributors’ networks.

■ The growth in acrolein* production capacity and, at the same time,the signing of a letter of intent with the Australian group, CHEMEQ.

How do you qualify the results of 2006? C.M. Encouraging, but still far from sufficient. Areas of improvementhave been identified and are in the process of being exploited, andfrom where a clear improvement in results will arise.

Why and how did the sale of PCF occur? C.M. PCAS carried out the sale of 50.1% of PCF’s capital in 2006due to this subsidiary’s activity being too far removed from PCAS’score business. The sale was made to PCF’s management team’sbenefit at a symbolic amount. PCAS has the possibility to later sellthe balance of its shares under the terms of an agreementconcluded with this team.

What is your investment policy?C.M. It consists primarily of favouring manufacturing safety and theprotection of the environment. Secondly, PCAS invests in order toimprove industrial process productivity, to increase capacity and toensure access to new technologies.

What is your opinion of the stock exchange performance of2006? C.M. Disappointing. The stock exchange is probably and quite rightlyawaiting confirmation in terms of figures of PCAS’s announcedstrategy. However, 2006 results indicate a positive shift confirmedin early 2007.

Christian MorettiChairman

Philippe DelwasseManaging Director


PCAS 2006

What are the significant areas for 2007? C.M. Firstly, there are all areas which respond to the need to clearlyreduce the group’s break-even point. Philippe Delwasse explainsthis subject in detail. There are also a certain number ofcommercial projects which are, in our view, important and whichshould take off in 2007. One can of course include PCASBiosolution, ISOGEL and CHEMEQ in this field and they areintroduced in the description of the two poles’ activities. Finally,our R&D’s activities’ pipe-line appears particularly interesting tous, as is outlined in Gérard Guillamot’s section on his department.

Interview with Philippe Delwasse,Managing Director

The 2006 results have improved but shouldn’t the groupmake bigger margins? Philippe Delwasse. Indeed! It should be pointed out that therecorded increase of 2006 was achieved despite the end of animportant research contract which lasted several years with one ofour large customers. The growth of our industrial and commercialresults is more significant than may appear. The group is thereforeon the right road. The fact remains nonetheless that, compared toour major competitors, and in concrete terms, our results remaininsufficient.

This is why we have decided to implement a plan, spread over2007 and 2008, which aims to significantly improve the operatingmargins of our two poles.

What are the main points of this plan? P. D. Whilst pursuing an active commercial policy, proof of ourmedium to long-term growth, the main objective of this plan is tolower the group’s break-even point, by taking action on all costs.The 2007 budget portrays our efforts to lower our structure costs,as much internal as external, with an objective of a 4 million euroreduction of which 75% has already been achieved by the 1stJanuary 2007.We will concentrate our actions on production and industrialorganisation costs in 2007 in a way which will enable us to enter2008 with increased productivity, improved quality of service anda reduced working capital requirement.What is more, we have undertaken to modernise our IT systems; anew ERP should be operational by the 1st January 2008.Finally, we are particularly concentrating on the revaluation of oursales prices and our project selection. The economy’s goodperformance and our technological expertise should enable us tobe demanding in this respect. ■

WORLD MARKET

World-wide pharmaceutical market estimation (for 2006)643 thousand million dollarsA 7 % increase (all countries merged)G.N.P.: 5,1 %

Pharmaceutical sector sales■ 47,7 % for North America■ 29,9 % for Europe■ 9,3 % for Japan

Pharmaceutical sector increase in sales■ + 9,8 % for Asia-Africa-Australia■ + 12,9 % for Latin America

Generic sales increase■ 10 % for the world■ 11 % for Europe

New molecules and registration of French Market Authorisation■ 22 NCEs FDA approved in 2006 and 20 in 2005■ 51 French market authorisations granted by the EMEA in 2006 as

opposed to 24 in 2005

BiomedecineStability in the number of requests for N.B.E:6 in 2002, 5 in 2004, 2 in 2005 and 4 in 2006

Increase in sales by therapeutical category■ + 20,5 % for oncology■ + 15,2 % for ACE* inhibition■ + 11,8 % for EPOs■ + 10,4 % for active ingredients for respiratory illnesses

2

3

* See Glossary page 30,31 and 32

61,7 %

Pharmaceuticalsynthesis

13,5 %

Fragrance - Flavours -Cosmetics

11,9 %

North America

Sales by marketat 31st December 2006

Sales by regionat 31st December 2006

35,6 %

France

30,3 % Europe

19,7 %

Asia-Pacific

2,5 % other11,8 % Performance chemicals

13 %

New Technologies


PCAS 2006

SOME INDICATORS ON PCAS MARKETS

Life expectancy25 years old in 1740, it reached more than 80 years old in 2006 (84 years old for women and 77 years oldfor men) according to INED. It currently increases by 3 months each year. It is 82 years old in Japan.

Hundred year oldsThe INSEE took a census of 17,267 in France on the 1st January, of which 14,008 were women and3,259 men. There are more than 30,000 in Japan.

Eldest citizensThe eldest citizen is the American, Elizabeth Bolden, 116 years old. The eldest citizen in France, SimoneCapony, is 112 years old. Jeanne Calment, who died in 1997 at 122 years, 5 months and 14 days old, holdsthe record for human longevity, which is proven in a civil status act.

Extract from the “Le Monde” newspaper on the 12th January 2007.

Sales of billion dollars

+14,5% Annual growth with constant dollar

0

100

200

300

400

500

600

700

800

1999 2000 2001 2002 2003 2004 2005 2006

334362

387427

498

559601

643

+14,5 %

+11,7 % +11,8 %+10,6 % +10,4 %

+8 %

+6,8 % +7 %

World pharmaceutical market

Distribution of share capitalat 31st December 2006

70,5 %

Dynaction1,0 %

Management

26,9 % Public

1,6 % Treasury stocks


PCAS 2006

4

5

Key figuresIn millions of euros 2006 2005

Consolidated net sales 178,3 170,6

Current EBITDA (1) 20,0 17,5

As a percentage of consolidated net sales 11,2% 10,3%

Depreciation and provisions (2) 13,5 14,0

Current operating profit 6,5 3,5

As a percentage of consolidated net sales 3,6% 2,1%

Other operating income and expenses -0,8 -0,5

Net interest expense on debt -4,0 -3,9

Net profit (loss) 1,2 -2,5

Net profit (loss) attributable to the Group 1,2 -3,5

Capital expenditure 9,2 6,9

Net debt (3) 79,0 82,5

Shareholders’ equity – consolidated 69,1 68,9

PCAS STOCK


(1) EBITDA is defined as the sum of current operating profit,depreciation and provisions.

(2) including the net impact of allowances for inventory lossesrecorded in purchases used in the business (1,1 millions of euros in2006 and 0,4 million of euros in 2005).

(3) net debt excluding PCF.

0

10

5

15

20

30

35

25

3

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

7,4

12,2

25,4

17,8

28 28,1

16,34

13,28

11,95

6,71

28,9

7

9,7

12,7 12,8

14,3

9,8 9,8

6,66

5,03 4,16

High-lows in euros

PCAS stock vs market indexes

Key adjusted per-share figures 2006 2005

in euros

Highest price 6,71 11,95

Lowest price 4,16 5,03

Price at the end of december 5,09 6,48

Net sales 13,71 13,12

Current operating profit 0,50 0,27

Net profit (loss) attributable to the group 0,09 -0,27

4

5

6

7

8

01 02 03 04 05 06 07 08 09

CAC Mid & Small 190in thousands of euros

10 11 12

PCAS stock average pricein euros


Chairman

Fine SpecialityChemicals

Support departments

Pharmaceutical Synthesis

Villeneuve-la-Garenne

site

Limaysite

Aramonsite

Turkusite

Administration& Finance IT

Research &Development

Purchasing

Quality Assurance &Regulatory Affairs

Couternesite

Bourgoinsite

Mourenxsite

SJPCsite

Marketing& Sales

Europe/Asia

Marketing& Sales US

non-exclusive

Marketing& Sales US exclusive

Marketing& Sales

PerformanceFine Chemicals

Marketing& Sales

Fragrance -Flavours -Cosmetics

Marketing& Sales

NewTechnologies

Managing DirectorHuman Resources

PCAS 2006

Longjumeau

Bourgoin-Jallieu

Mourenx Aramon

Limay

Turku

Villeneuve-La Garenne

Saint-Jean-sur-Richelieu

Courterne

Organisation Chart


PCAS 2006

PCAS, a totally customer focussed company

Two poles, each addressing a target market, the profession and theneeds of which are perfectly understood:

■ The first being Pharmaceutical Synthesis:• non-exclusive molecules,• custom-developed exclusive molecules.

■ The second being Fine Speciality Chemicals:• Fragrance-Flavours-Cosmetics,• Performance Fine Chemicals,• New Technologies.

Each pole is integrated with dedicated sites. Four support departmentsassist the poles: Administration and Finance, Research andDevelopment, Purchasing, Quality.

This flexible organisation, on a human scale, enables PCAS to beresponsive to its customers and resolve their problems by bringingadapted solutions. A spirit of partnership, confidence and proximityare the basis of relations.

Each pole encompasses its own marketing and sales teams whichfollow through the project from dossier evaluation and processrefinement to its industrialisation. They maintain a constant interfacewith R&D, the laboratory teams, pilot* and production, and RegulatoryAffairs.


LONGJUMEAU

Essonne (France)Headquarters111 employees

PCAS headquarters are located at theLongjumeau site. Upper Management,Administration-Finance, Marketing andSales, Quality, Purchasing, IT and oneof the group’s R&D laboratories arebased there.

7

6

The Executive Committee(of left on the right) Eric Moissenot, Vincent Touraille, Alain Dugueyt, Christian Moretti, Gérard Guillamot, Philippe Delwasse


Pharmaceuticalsynthesis

PCAS 2006

The historical stability of this company and its expertise of morethan 40 years in the field of fine chemicals make PCAS animportant player in this profession in the world and one of the

recognised suppliers of the pharmaceutical industry.

PCAS Pharmaceutical Synthesis pole’s service covers both synthesisintermediates and active ingredients. Whether they are on anexclusive basis or not, these active ingredients represent more thanhalf of the pole’s activity and apply to a vast spectrum of customers:from start-ups to large pharmaceutical laboratories, not forgettingmedium-sized laboratories for the launch of new molecules as wellas seeking a greater competitiveness of existing molecules.

■ Exclusive custom-made synthesis, under confidentialityagreements.

■ Partnerships with leading laboratories on a long-term basis tomanufacture molecules with a strong potential.

■ Generic molecules (or non-exclusive).

For PCAS, the context is favourable to subcontracting

Flexibility, organisation reactivity, strength of its R&D and its experthandling of key technological principals are proposed to PCAS’scustomers to carry out industrial sub-contracting and pilots.Confronted by losses concerning their classical ethical products togeneric products, as well as an increase in the rate of launchingclinical studies for new molecules, pharmaceutical laboratories arerestructuring by reducing the number of production sites as well astheir technical investment in chemistry. This attitude favours the development of sub-contracting forimmediate medium-sized industrial development required forproducing clinical lots. PCAS, a partner of this development, has a multi-site industrialstructure particularly adapted to this requirement; its capability todrive R&D refinement, kilo-lab* and pilot development, as well asindustrial implementation are recognised and appreciated.

The activity’s growth is confirmed in 2006.The Pharmaceutical Synthesis pole continues its strategy of technological differentiation to ensure profitable growth.

The pole’s objectives for 2007 are centred on:

■ Commercial development, putting technological niches at the forefront (cryogeny, enzymatic catalysis, high potency...)■ Continued commitment to capitalise the PCAS brand in the USA, supplier of ethical and generic pharmaceutical molecules ■ Significant and regular growth of projects in the pipe-line in partnership with the sector’s main players and Biotechs■ Readjustment of the manufacturing range towards APIs and intermediates with a higher value ■ The implementation of efficient tools to control costs in the plants and optimisation of the supply chain for an improved service

to our customers.


PCAS 2006

All the customers’ potential needs are coveredof by the organisation

■ High performance R&D teams and Analytical Control, equipped withmodern analytical means at all sites are capable of executing andcharacterizing the first few grams of product.

■ Sourcing centralisation and purchasing of starting materials to managemore than 1000 references.

■ An industrial production capacity which places PCAS among the topplayers in this world market. The four cGMP sites, regularly FDAinspected, offer the possibility of systematic back-up and the integrationof intermediates manufactured at the 3 ISO* 9001 sites. Confidentialityas well as guarantee of supply is ensured throughout the manufacturingchain.

■ A Quality Assurance organisation guaranteeing the sites are cGMP by anumber of quality assurance audits carried out by our customers or byofficials such as the FDA or AFSSAPS*.

A pluridisciplinary team dedicated to regulatory affairs, situated at theExpansia site in Aramon, working in close and constant collaboration withPCAS teams, the customer, worldwide agencies and a network of expertsrecognised for optimising regulatory lead-times.

The Group’s commercial dynamic has been strengthened in Europe inorder to increase commercial presence in leading markets and inemerging markets of world-wide prime contractors.The American subsidiary which has been continually growing since itscreation, responds to North American customer needs, more anxious thanever to the risk of infringement linked to their project’s confidentiality.PCAS is one of the independent European companies considered as areference for the manufacture of advanced intermediates and activeingredients.

2006 net sales :109,9 M€

61,7 % of PCAS Group’snet sales

8

9

“I am a PhD specialised in organic chemistry. My mission is toensure the development of reliable, high performance andeconomic processes. Our main assets are competence, flexibility and reactivity. Eachperson knows each other at Expansia and communication is easy.Everyone is involved in project implementation; decisions are quickand their application immediate. The result: pharmaceutical groupsor innovative biotechs find in us a partner who listens to their needs,is reactive and enthusiastic. Managing multiple projects, their rapid progression through thestages of production and permanent contact with the human healthsector, gives a special dimension to my profession. After having seenthe very first operations of a few milligrams at laboratory scale, howcan you not fail to be excited when discovering the first few hundredkilograms produced in our workshops?”

Eric ManginotR&D Manager,Aramon site (Expansia)

“Everyone is involved in projectimplementation.”



PCAS 2006

2006 events

■ Net sales increase of more than 28% from 2004 – 2006.

■ The increase of the utilisation ratio of production equipment was apriority in 2006 and will be continued in 2007 with the followingconsequences:- Putting new products into production which represented more

than 50% of the Limay site’s capacity and which are theguarantee of future net sales.

- A strategy of integrating intermediates at the non-cGMP sitesand cross-site production for back-up* in order to securecustomer supply.

- Development of new activities at the Turku site (PCAS Finland)which has recovered its profitability (2006 operating income of+0.4 M€ as against a -2.3 M€ loss in 2005).

■ The number of R&D projects reached more than 100 in 2006,including 4 synthesis steps on average. This pipeline of which thetypology (preclinical phases / clinical phases) as presentedhereafter is reinforced by the developmental force brought viaPCAS Biosolution.

■ Implementation of PCAS Biosolution in September 2006 withPCAS teams based at the Aramon site (Expansia) and Proteusteams based in Nîmes.

PCAS is focused on a strategy of technologicaldifferentiation

PCAS strategy is completely dedicated to the growth of its activity andthe improvement of its profitability by developing its technologicaladvantage, a guarantee of innovation and differentiation.

For the last two years, this technological advantage has enabledPCAS to develop in a strongly competitive context due to the world-wide market, the players’ repositioning, the absorption of the primecontractors’ overcapacity and the slowing down of the launching rateof new medicines.

The creation of PCAS Biosolution (see page 14), in association withthe company PROTEUS based in Nîmes, in September 2006,responds to the needs concerning innovation of the pharmaceuticalmarket.

Right from the start of projects, the PCAS Biosolution teams combinechemical development and enzymatic catalysis. The potential ofsolutions proposed to customers has clearly grown.

This pluridisciplinarity developed by PCAS Biosolution bringsinnovative and economic solutions to the customer as well as thepossibility to become industrialised whilst protecting its intellectualproperty. It also targets re-evaluating purely chemical syntheticroutes which are already optimised in order to create new ones.

The investment policy applied is targeted on key technologies(cryogenic reactions, polymorphism handling, thiophene &phosphor chemistry…) whilst acquiring new innovative technologies(high potency).

What is more, PCAS sites, whilst benefiting from scientificcollaboration with research laboratories, produce new reactiveintermediates (boronic acid with the company BOROCHEM,azaindoles with the company Provence Technology) which favourthe creation of new pharmaceutical molecules.The recent agreement concerning technical collaboration wassigned with the Australian company, Chemeq, at the end of 2006.This illustrates the continuation of technical collaboration in theinnovative and strategic field for PCAS of acrolein derivativesdestined for pharmaceutical applications.

“I have a Doctor of Engineering degree and am specialised inorganic chemistry. I worked in R&D for seven years and then inproduction. This has enabled me to quickly familiarise processesand know how to anticipate industrialisation problems. R&D andproduction work hand in hand to enable projects to succeed in thefastest possible lead-time. We are able to develop or improve aprocess, then industrialise it very quickly whilst maintaining a highlevel of quality. New products regularly arrive at PCAS and each timeit is a new challenge. There is no room for routine or intellectualboredom.We work closely with our customers. It is often the case that wewelcome a customer representative onto the site at the start of aproject. We work together on the first few lots to refine the processand obtain the best possible quality.”

Christine Le BretonProduction Managerat the Aramon site (Expansia)

“We work closely with ourcustomers.”


PCAS 200611

CHEMEQ

“At the end of 2006, PCAS entered into its collaboration withChemeq, an Australian start-up specialised in the development,production and commercialisation of Chemyde(R), a revolutionaryantimicrobial polymer with multiple applications in the fields ofactivity where PCAS is traditionally present.

Firstly, the objective will be to develop Chemyde(R) as an alternativeto antibiotics used in the treatment of bacterial infections in animals.This product responds to the current need of the main groups of theveterinary industry, whilst limiting the phenomena of thedevelopment of resistance to antibiotics observed in reared animals.Due to extensive experience in acrolein chemistry and productionadhering to cGMP standards, PCAS will be one of the main suppliersof the active ingredients to Chemeq and its potential partners.Various manufacturing strategies are currently being reviewed and adevelopment programme is planned during 2007.

This collaboration project is very promising and shows PCAS’scapability to efficiently manage development partnerships withinnovative start-ups.”

10

11

“The Marketing & Sales team takes up the role of an orchestraconductor at the heart of the Pharmaceutical pole. It mobilises thegroup’s resources to assist the customer in more quickly launching itsmolecule on the market, and then producing its active ingredient atthe best cost whilst strictly adhering to GMP standards. It ensures adynamic interface between the needs of the laboratories andresearch teams, quality assurance – regulatory affairs andproduction at the various PCAS sites. It is a passionate role in a multicultural and quickly developingenvironment where emerging companies make up a permanent flowof new customers wishing to defy the positions established by thelarge laboratories. In this context, only a superior service andtechnology make the difference. PCAS has a customer culture, builtup over 40 years in the pharmaceutical market, which is a true assetin making quick decisions.”

Didier CombisMarketing & Sales Director EuropePharmaceutical Synthesis poleat the Longjumeau site

“The role of an orchestra conductorto offer the best service possible tothe customer.”

“Following my chemistry degree at Turku University, I joined thePCAS Finland site where I have been a chemist for almost 30 yearsnow. During this time, working methods have changed considerably:today modern techniques are used to develop molecules of interestsuch as enzymatic resolutions or asymmetric synthesis, enabling usto obtain advanced intermediates or active ingredients in a pureenantiomeric form.The equipment was first installed in our K-lab in 2006, closelylocated to our R&D laboratory. This K-lab has enabled us to increaseour flexibility and our reactivity during the transition phase whichexists between the laboratory and the first quantity from the pilotworkshop. We can now supply GMP samples of a size which arecompatible to our customers’ expectations (100 – 1000g), allowingthem to develop the required galenic forms and to begin clinical trialswithout waiting for the Pilot stage.”

Juhani VarhialaR&D Laboratory Manager at the Turkusite in Finland

“This K-Lab has enabled us toincrease our flexibility and ourreactivity.”


0

10

20

30

40

50

60

70

3661

22

7

6

3

PCAS Biosolution

PCAS Group

Commercialised: 43

135 projects following the “Ranking*” procedure

Clinical development: 67 Preclinical: 25

Portfolio segmentation of “Projects under evaluation” 2006


Industrial sites

A powerful, flexible and responsive production capability

LIMAY

Yvelines (France)121 employees

• Flexible and responsive facility whichhas been regularly inspected by theFDA since 1978.

• Renowned expertise in cryogenicreactions and specific reductions.

• New range of high added-valueresines, manufactured under cGMP.

• 68 m3 of reactors, significant volume(up to 8 000L), operating on a 3 x 8-hour shift system.

ARAMON

Gard (France)Expansia164 employees

• FDA inspected since November2005.

• Specific expertise in the synthesisof optically active molecules(organometallic chemistry*,cryogenic reactions*) and highlyactive molecules.

• 100 m3 of cGMP reactors, pilotand kilo-lab*, four productionworkshops operating in 2 x 8-hourand 3 x 8-hour shifts.

• Regulatory Affairs pole for thePCAS group.

VILLENEUVE-LA-GARENNE

Hauts-de-Seine (France)VLG Chem 131 employees

• PCAS (85%) and Sanofi-Aventissubsidiary, FDA inspected.

• Long-term contract with Sanofi-Aventis.

• 65 m3 of reactors over twoworkshops (one operating in 3 x 8-hour shifts and anotherin 5 x 8-hour shifts), adapted

to small tonnages and high added-value products.

• Key technologies: hydrogenation,clean environment for isolation of final product.

PCAS 2006


TURKU

FinlandPCAS Finland116 employees

• Modular production equipmentwhich is particularly well adaptedto API* manufacture (FDAinspected).

• Four separate modules, 65 m3 of cGMP reactors, operating in 3 x 8-hour shifts.

• Restructuration and rationalisationin 2004 and 2005.

• Renowned expertise in themanufacture of injectible products.

Aramon

Limay

Turku

Villeneuve-La Garenne

PCAS 2006

12

13

4 cGMP units

300 m2 of reactors



PCAS Biosolution

Providing strong technological solutions to distinguish itself from competitive proposals

PCAS 2006

Following several meetings and discussions which took placeover a period of six months, in order to evaluate the bestadapted and most respectful aspects of the two companies,

PCAS Biosolution officially saw the light of day in September 2006 inthe form of a joint venture “50-50” between the company PROTEUSand PCAS with the development of chemo-biocatalytic methodologiesintegrated.

The association of a top-class Biotech with one of the leadingplayers in French fine chemistryBased on a unique technological platform associated with strongmarketing and sales and production sites regularly audited by theFDA, the main ambition of this new company is to take into accountthe possibilities opened up by biocatalysts. Indeed, up until now,chemists called on this only if purely chemical methodologies did notsucceed, that is to say on a selection process based on failure. The ambition of this joint-venture is to implement a selection processbased on the success of chemo-biocatalytic approaches thanks to a total symbiosis between biologists and chemists. This enables oneto envisage a much larger number of and more ambitiousalternatives than could have been considered through a purelychemical or purely biological approach.

A unique technological platformIndeed, access to a collection of micro-organisms is of the highestimportance and the company PROTEUS has carried this out throughmultiple worldwide collaborations, starting with France andorganisms such as Ifremer or Orstom. The collaboration has enabledthe creation of a bank of micro-organisms, algae, filamentousmushrooms, bacteria living in extremely diverse environments(ocean deep, volcanoes, glaciers…) and demonstratingmetabolisms adapted to their milieu. Indeed, under environmentalpressure, these micro-organisms have adapted themselves andnotably their proteins, whether they are structures or functional(enzymes), demonstrate original characteristics such as thosefunctioning optimally at almost 100°C in certain cases… However, access to micro-organisms is only a pre-requisite as the force of these catalytic tools that are enzymes lies in theirspecificity. Without the molecular genetic tools and a HTS (HighThroughput Screening*) platform which ensures both versatility and rational development by patented methodologies of “shuffling”*,this bank would not reach its maximum efficiency. In addition, fromthe information stored in the genes of these micro-organisms, PCASBiosolution can generate ten thousands of variants in an adhocfashion of which some will be active on the targeted moleculesalready selected by chemists.

“ Big things have gotsmall beginnings.”

“ Nature has moreimagination thanour dreams.”


PCAS 2006* See Glossary page 30,31 and 32

14

A portfolio of target molecules currently being processedPCAS Biosolution has chosen to process a certain number of non-resolved problems to date and to examine them closelythrough this new methodology. Out of the projects currently underdevelopment, clear improvements have been identified which couldbe executed using chemo-biocatalytic methods, be it either a directimprovement on yield, a reduction in the number of synthesis stepsor avoiding the use of a chemical reaction which has a strongnegative impact on the environment. These enzymatic activityidentification methodologies bring into play systematic screening of databases and require appropriate analytical methods to continueand subsequently orientate research.

Very strong impact on and interest by the great majority of PCAS’s customers, notably Pharmaceutical CompaniesLarge pharmaceutical companies have often become even morecomplex with a number of asymmetric centres having to beachieved and preserved… It is the favoured field of enzymaticactivity.

Collaboration with universities and poles of competitivenessThis new joint-venture company is fortunate to be able to count onthe support of renowned professors in their field, be it Mrs JanineCosy of the “Ecole supérieure de Physique-Chime” in Paris or Mr Jean Martinez at the University of Montpellier. A certain number

of chemo-biocatalytic thematics are the object of labellisationtowards poles of competitiveness such as “ORPHEME”, others arethe object of expertise by OSEO-ANVAR in the scope of a subsidized programme, whilst another thematic will be filed at theNational Research Agency (ANR) in collaboration with ESPCI(Paris).

Scientific advice and a very involved Board of DirectorsPCAS and PROTEUS teams mobilised internally to support the actionand development of this new joint-venture. The PCAS-BiosolutionBoard of Directors is made up of PCAS’s Managing Director,PROTEUS’s Chairman-Managing Director as well as the Director of PCAS’s Pharmaceutical Synthesis pole. Also, for more operationaland scientific thematics, PROTEUS’s Scientific Director and PCAS’sR&D Director participate in a scientific advisory role supervising the management of the target molecules portfolio of interest.

working from nature's imagination

15


Fine Speciality Chemicals

Three great activities

PCAS 2006

It is in this new context that PCAS has developed a three year planwhich outlines the Fine Speciality Chemicals pole’s orientationand lists its priorities, the objective being to increase the pole’s

operating income between 2006-2009 and brings it to around 7% ofnet sales.

The priorities are:

■ Improvement in productivity and the unit’s capacity utilisation,optimisation of processes at the plants;

■ An increased selectivity and a more efficient handling of R&D projectswith the development of key expertise (it is in this scope that significantinvestment was made at the pilot plant in Couterne between 2006-2007);

■ Faster development internationally, notably in Asia and North America,whilst exploiting the St Jean base in Canada as a spearhead on thiscontinent;

■ The development of innovative products and the application of currentproducts in new niches*;

■ The relaunching of custom-manufacture* (a number of projects underevaluation) and the strengthening of catalogue products;

■ Stopping insufficiently profitable production and redeploying newproduct lines;

■ The increase of commercial margins by acting on sales price andbusiness selection.

The net sales growth in 2006 was 8%. The first 2007 quarter grewby 11,9 %.

The creation of a Fine Speciality Chemicals pole which bring together three business units: Fragrance-Flavours-Cosmetics, Performance Chemicals and New Technologies, is an important element in the development of PCAS.

This new organisation has enabled the commercial, industrial and R&D teams to work closely together in order to accelerate decision-making and to optimise service.

ISOGELPCAS has made significant investment for several years in a researchprogramme of nanostructured material based on silica aerogel.

The objective is to industrialise a very innovative high thermalinsulator.In the current energetic and ecological context, this material is ofparticular interest. The potential identified in very variedapplications is considerable.

Collaboration with the leading “Ecole des Mines” in Paris hasresulted in the definition of a laboratory process.A “scale-up” to pilot industrial level was achieved in 2006, as well ascommercial prospecting which led to the signing of developmentcontracts with several large industrial groups.

In 2007, the definition of an industrial production unit on a largescale will go hand-in-hand with the intensification and progression ofongoing developments.


2006 net sales: 24 M€

A growth of 14,4 %as compared to 2005

The means in place allow the development of the sale of acroleinderivatives (45% of net sales) to new fields (pharmaceuticalsynthesis, agro-veterinary and new technologies) as well asreinforcing partnerships with the major players of the professionoutside Europe (North America and Asia).

PCAS’s service benefits from its entire extent of expertise. It issupported especially by the Bourgoin manufacturing site, aflexible production facility, and by Mourenx, the specialised

site. It is endowed with an R&D potential and analytical means whichare capable of answering to the multiple industrial demands in termsof process development, product quality and respecting regulatoryconstraints. The commercial team applies its detailed knowledge ofits customers’ profession, the diversification of its service and itsinternational presence to distinguish itself from its competitors andto increase its market share.

PCAS benefits from a top-class competitive asset in the perfumecompound ingredients market with its plant in Mourenx, an expert inacrolein chemistry, the derivatives of which represent half of its netsales in this sector. The acrolein derivatives applications, still centeredon perfumery, are being applied to other fields, in particular in

pharmaceutical synthesis, agro-veterinary and new technologies,supported by new investments at this manufacturing site where itspolyvalent responsive capacity has increased from 26 to 36m3.

PCAS has shared in the success of its main customers in thecosmetic products market and has diversified its service, notably inthe manufacture of polymers.

The priorities of the next three years are concentrated on moreintensified prospecting in custom manufacture, notably in thepolymer sector and the strengthening of research and developmentof niche products to renew its catalogue-based products. Theredeployment of R&D resources and analytical means has enabledPCAS to respond to the multiple industrial demands in terms ofprocess development, product quality and respecting existingregulatory constraints and those to come (Reach*).

FRAGRANCE-FLAVOURS-COSMETICSThis department proposes molecules, active ingredients or odorous molecules used in perfume compositions, flavours and cosmetics.The major leaders in the world of functional or luxury perfume compounds and cosmetic products are among its industrial customers. Two complementary approaches are proposed to respond to its customers’ expectations: a product catalogue with speciality productsand a manufacturing service for exclusive products.

PCAS 2006

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“Working at PCAS for 17 years, I joined the “Performance FineChemicals” team as the Product Manager of the “ Additives forIndustrial Lubricants ” range in 2006. I worked in R&D for all thoseyears and I gained experience in the additive developmentlaboratory. This has enabled me to quickly familiarise myself withcustomer requests and to adapt our technologies to their needs.The start and completion of a project are the results of working together,thanks to a strong solidarity between Marketing and Sales teams, R&D,Production and Purchasing. Responsiveness, flexibility, constant concernto satisfy our customers and expertise in niche technologies are ourstrengths.Today, we apply an offensive commercial strategy to develop ourselves onan international scale. Our efforts are beginning to bear fruit in Asia andour next objective is Eastern Europe and South America.What is also motivating, is the recognition of our expertise and productquality by our customers.”

Christelle FerragutProduct Manager at the Longjumeau site

“Constant concern to satisfy thecustomer and expertise in nichetechnologies are our strengths ”



PCAS 2006

to compensate the effect of price increase in petroleum and natural origin starting materials.In parallel, work was carried out in simplifying and rejuvenating its commercial presence in Europe in 2006.

The next three years’ strategy will emphasise PCAS’s attributes in thisfield; its expertise in niche technologies in this growing market.

Geographical development will mainly be carried out in Asia on thebasis of approvals obtained in 2006. The period will also witness a redeployment in North America, a consolidation in Western Europeand a development in prospecting in Eastern Europe. The aim of these actions is to reinforce its status as a preferred global supplierin the strategy of large international customers’. Finally, during thisperiod, the launching of innovative products onto the market isexpected.

Specialist in additives*, technical fluids*, and performancechemicals custom manufacturing, this department continues togrow with customers of strong potential. It is developing its

commercial presence on an internal scale and broadening its technologiesto new markets.

The additives and technical fluids are introduced to formulations byits customers, destined for various applications such as theprotection of surfaces for industry (automotive, naval, petroleum,construction…) or lubrification. These products are available in thecatalogue or made-to-measure.

Performance chemicals custom manufacturing is also diversified: • polymer synthesis chemicals, additives for lubricants, fuel,

protection products• manufacture of lubricants which are compatible to contact

with food• manufacture of chemical intermediates

The characteristic of this activity is to increase the performance that it brings to the application, whereas other activities attach higherimportance to the purity of the manufactured molecule.This approach requires expertise at all levels: purchasing, research and development, production, marketing & sales.

PCAS’s experience in this field allows a quick understanding of customer expectations and prospects and to respond with the right product at value for money.

The department is supported by the responsive and flexibleproduction unit in Couterne as well as by a high-level R&D potentialwhich masters key synthesis.

A remarkable achievement in 2006, this department greatlyincreased its activity (+15%) by taking market share in Europe and developing custom-manufacturing collaboration with largeinternational customers. This successful activity has helped

PERFORMANCE FINE CHEMICALSPerformance Fine Chemicals supplies molecules to an international customer base that complement the performance of their own production.

“Thanks to my education (PhD in organic chemistry) and to myprofessional experience, I have a global vision of the needs andconstraints of a site like ours which manufactures 400 differentproducts per year in very varied fields. PCAS is a company on a human scale and this is the reason why I am at home here. Team work is fundamental in this type of structure.Decisions are always the result of working closely together. It is imperative to know how to listen and to adapt accordingly withflexibility. Should it be necessary to modify the final properties of a product in order to respond to market requirements, we willdevelop a new manufacturing process in partnership with thecustomer to meet its target and maintain its objectives. Adapting alsorequires constant rethinking of our production base. Our structure iscapable of rapid development, it is one of the foundations of ourinvestment strategy.”

Dominique MabireCouterne Plant Manager (PCAS SA)

“Our structure is capable of rapiddevelopment.”

2006 net sales: 21,1 M€

15 000 tons of product per year


PCAS 2006

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“The objective at St-Jean PhotoChimie is to always build efficient and long-lasting professional relations. Company performance dependson it.SJPC’s experience and technical competence in the field ofmicroelectronics, its polyvalence on a North American scale with a visionover Asia and listening attentively to its customers has proved themselves.SJPC constantly undertakes a number of research and developmentprojects, from pilot lot to production, which result in reliable and profitableproducts for its customers.At SJPC, as at PCAS, person land professional growth as well as companyculture is an integral part of everyday life. Respecting the customer’spersonality and culture also form a fundamental part of our relations.”

Sylvie BerthiaumeSales and Marketing Manager at St-Jean PhotoChimie

“Respecting the customer’s personality and culture ”

The industrialists in this market use technologies that are highlydependent on advanced material chemistry, surface chemistry,thin film deposition technologies and processes associated

with the interaction of light and materials.

PCAS, having built up its expertise developed over many years,offers a wide range of possibilities in terms of photosensitivematerials*, dyes, specialty polymers and material precursors to itscustomers and potential partners. Products are generally developedand manufactured under confidentiality agreements.

Made-to-measure solutions have a high technological content andare the result of a two-fold effort of adapting to short industrial cyclesand accompanying customers in their fields of application.

NEW TECHNOLOGIESThe New Technologies department works with the players in the fivemain target markets: semi-conductors, flat panel displays,photography, graphic arts and activities linked to surface treatment.

2006 net sales: 23,3 M€

with contrasting results depending

on the product line

This department is supported by the industrial competence ofseveral plants:

• the two polyvalent plants in Bourgoin and Couterne in France.

• the St-Jean PhotoChimie (SJPC) site, located in Canada, which isan entity manufacturing chemical substances of a high puritydestined for the microelectronics and graphic arts markets.

- as for microelectronics, the products are molecules of highadded-value used in the formulation of “consumables”required for the implementation of micro-lithographyprocesses used in etching of integrated circuits ormicroprocessors on a nanometric scale.

- as for graphic arts, products are destined for the field’s newtechnologies (Computer to Plate) and are mainly cyaninederivatives and specialised polymers.

2006 was marked by a strong growth in sales and profitability of theCanadian operation. The development of sales in North Americaand Asia compensated for the reduction in consumption ofconventional products linked to the transition from analog to digital.

In this respect, management of the decline of the products’ portfoliolinked to silver-halide based photography came to its conclusion andPCAS has eliminated all vulnerability to the subsequent decline ofthis industry.

The next three years development will concentrate on the growth ofthe micro-electronics industry, the strategy of diversifying productrange, the development of new niche products in related marketsand anticipation of technological advances preparing products forthe future (OLEDs*, PLEDs* for flat screens and the display market,polysiloxanes* used in the manufacture of devices for theoptoelectronics industry, conducting polymers for photovoltaicorganic technologies, polymers used as support materials in peptidicsynthesis…)

Having strengthened its commercial teams, the Canadian platformwill serve as a spearhead for the development of products andservices of the PCAS group’s Fine Speciality Chemicals pole on theAmerican continent.



Industrial equipment

Production capacity, globally significant

COUTERNE

Orne (France)260 employees

• Production of synthesis intermediatescommercialised or reintegrated intomanufacturing cycles at PCAS cGMPsites.

• Performance chemicals.

• Flexible and responsive facilities,capable of answering to the majorityof the target market’s needs.

• Five workshops operating in 3 x 8-hour shifts or 4 x 8-hourshifts over 3 800 m2, 180 m3

of reactors and 120 m3 of vats. A completely renovated laboratorypilot workshop with the addition of a kilo-lab.An incineration unit.

• 400 different products, 16 000 tonstreated per year.

BOURGOIN-JALLIEU

Isère (France)100 employees

• Manufacture of organic moleculesfor pharmacy, perfumery(integrated olfactory control) and cosmetics, as well as forphotochemistry and glasstreatment.

• Specific expertise in distillation.

• Polyvalent, flexible and responsiveproduction facility.

• Three workshops operating in 3 x 8-hour shifts over 2 000 m2, 100 m3 of reactors and 26 distillation columns.

MOURENX

Pyrénées-Atlantiques (France)Société Béarnaise de Synthèse, ISO16 employees, of which one is an SBS employee

Acrolein• Manufacture of acrolein-based

synthesis intermediates, a uniqueexpertise in Europe.

• Process expertise: supplyguarantee, pilot, production.

• 36 m3 of reactors, automated production, operating in 4 x 8-hour shifts continually.

• 40% capacity extension,operational in October 2006.

PCAS 2006


SAINT-JEAN-SUR-RICHELIEU

Canada (Québec)St-Jean PhotoChimie, ISO46 employees

Photochemistry• Manufacture of photosensitive

materials* of high organic purity(3000 m2 of workshops,Responsible Care label, CCPA audited in 2004).

• Operating in 3 x 8-hour shifts.

• Target markets: graphic arts,microelectronics, opto-electronic*,flat screens, photovoltaïc*.

• Specific expertise in low metal* in an ultra clean environment.

• R&D laboratory created on the site in 2002.

PCAS 2006

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2 polyvalent ISO sites

400 m2 of reactors

Bourgoin-Jallieu

Mourenx

Saint-Jean-sur-Richelieu

Courterne



Research & Development

“Human potential as the keystone Technological and competitive assets”

PCAS 2006

Pharmaceutical SynthesisExpertise every day: involvement of PhDs in project developmentPCAS Pharmaceutical Synthesis pole dedicated 9.1 million euros toR&D in 2006. Supported by about twenty PhDs, the personnel (60employees) is split between the laboratories and the c-GMP Pilotworkshops as well as over the non-GMP workshops (10 additionalemployees), responsible for the development of intermediatesoutside the GMP window. The Pharmaceutical Synthesis pole continues to build up thedevelopment of key chemical technologies which form the strengthof its expertise today: asymmetric synthesis, chiral separation,cryogenic reactions, enzymatic reactions, expertise in polymorphismand cristallisation, diborane* chemistry, fine layer distillation…

“Ranking” of the products portfolio from one single decision centreThe PCAS R&D decision centre, centralised in Longjumeau,evaluates projects on the Group’s available technological capacity onthe one hand, and on the other hand on their economic interest andappropriate strategy. The retained files are transferred to thelaboratory best suited to their specificities. This method was appliedto more than 100 files in the Pharmaceutical Synthesis pole in 2006.These files represent a potential of about 440 steps which areevaluated in order to develop and support the “customers” proposalsmade by marketing.

“My mission, along with the six people who make up my team, isto test and improve new synthesis operational methods carried outunder cGMP prior to production. The pilot has been equipped withnew technologies over four years, which give real added value to theworkshop: photo-oxidation, liquid/liquid extraction, ionic column,nanofiltration, and ultrafiltration. This demonstrates our desire toconstantly progress.The start and completion of a project are the fruits of workingclosely together in the Group. We continually interface with theother departments (laboratory, production, safety, quality controland assurance). Relations with customers are carried out on acontinuous and transparent basis. We provide them with a “ completepackage”: technical service, follow-up information anddocumentation go hand-in-hand with the product.”

Murielle BonnatLimay pilot* Manager

“We provide our customers with a complete package.”


PCAS 2006

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Fine Speciality ChemicalsR&D, marketing’s competitive assetPCAS’s Fine Speciality Chemicals pole dedicated 3.4 million euros tosupport development in 2006. This includes industrial chemicals activitiesbut also fine chemicals destined to the fragrance, flavours and cosmeticsmarkets as well as new technologies markets. Strengthened by 39employees split over laboratories in Longjumeau and Saint-Jean surRichelieu in Quebec and two pilot workshops in Couterne and Bourgoin,60 new subjects were evaluated in the fine chemicals field, whilst industrialchemicals handled 50.

Pooling of Resources A single pooled pole in Longjumeau regroups non c-GMP R&D. It ishowever broken into two departments. One of the two essentially handlessynthesis problems, whilst the second is more particularly interested inperformance products, be it in the field of industrial chemicals or in thefield of new technologies. Its developments are supported by two pilotworkshops in Couterne and Bourgoin-Jallieu. A very specific activity, responsible for evaluating the needs andrequirements in the field of micro-electronics, is located in St-Jean surRichelieu in Quebec.

“Our department is one of the links in the chain which ensuresexpert handling of the processes and which is the interfacebetween R&D and production. Its role is to carry out an early andpertinent judgement within a set of constraints (environment,feasibility, risk control), whilst taking into account cost and lead-time pressures.. We are chemists at the service of other chemists, capable, thanksto our technical know-how and our size, of quickly getting to gripswith a problem and providing swift solutions. Projects do notbecome “ diluted ” in overcrowded structures at PCAS. Eachchemist, responsible for a project at the heart of a small group, canfollow progress from the start to end, and accompany the customers’needs. Of course this requires a committed and responsibleattitude, but the attraction of the job is precisely that, of beingable to follow through one’s ideas right to the end.”

Gilbert PouleynWe are chemists at the service of other chemists..

“Process Development Manager at the Couterne plant”

A partnership strategy to anticipate the technologies of tomorrowPCAS is developing a partnership strategy with the help of a networkof experts. PCAS is supported by external personalities who areauthorities in their fields when it is difficult to access expertise orequipment. It is in this way that PCAS collaborates with ProfessorGérard Coquerel, of the leading-edge laboratory at the University ofRouen, which assists in the study of polymorphisms. What is more,PCAS has concluded partnership agreements with ProvenceTechnologies (Azaindoles) and Borochem (Boronic derivatives).

PCAS-Biosolution, the near future: “customised enzymes”R&D is a competitive asset for PCAS’s Pharmaceutical Synthesispole which has been further strengthened by the creation of “PCAS-Biosolution”. PCAS customers now have a new technologicalplatform at their disposal to handle their regio-selectivity, stereo-selectivity and enantio-specificity problems on more and morecomplex molecules. This platform benefits from the support ofrenowned university laboratories such as Mrs Janine Cossy of the “Ecole Supérieure de Physique et Chimie Industrielle” in Paris(ENSPCI).

The development of niche technologies PCAS develops specific niche technologies in the field of polymers oracrolein derivatives on the basis of a strong transverse expertise.PCAS works in a network of technical or technological excellencecentres: public organisms (CNRS, INSERM…), renowned schools,university laboratories in France, in Quebec… In addition, PCAS hasidentified a technical expertise based on polymers for reinforcing asit was common to several professions in performance chemicals andthe developed expertise could be extended to other internaldivisions. It is the same for acrolein, where new applications haveseen the light of day in the field of “synthons” for pharmacy, orproducts for the veterinary market.

Maintenance, adaptation and improvement of industrial sites. PCAS has launched a programme of updating its Pilot workshop atthe Couterne site in order to keep up with technological progress andto answer to its customer needs as best as possible. In parallel, itwas decided to create a kilo-lab at the heart of this Pilot workshop,which will increase the flexibility of the production facility, the aimbeing to anticipate Pilot and Production phases as well as enablingthe company to respond quickly to industrial sample requests.


PCAS 2006

Human Resources

Motivation and valuing skills are at the heart of PCAS’s social policy

PCAS’s strength rests greatly on its’ employees expertise.Employee motivation and valuing skills are at the heart of theGroup’s social policy.

Managing the PCAS Group’s Human Resources rests on strongcompany values■ Appreciating the individual and his abilities.■ Physical safety of the employees.■ Man-Woman parity.■ Respecting differences.■ Attentive management to the quality of dialogue.■ High requirement levels on product quality.■ Respecting the environment.■ Constant concern for customer satisfaction at all staff levels.

Adhering to these fundamental values gives concrete results out in the field PCAS signed the “Responsible Care” Charter along with other largeFrench chemists, such as Arkema and Rhodia, on the 16thNovember 2006 and reasserts its commitment to continueimproving its performance in the environmental, health and safetyfields and to move towards long-lasting development.

■ PCAS’s diverse activities with high development, innovative andchallenging potential, proposes a dynamic and personalisedHuman Resources policy.

■ Human Resources Management is committed to continuallyimproving how skills are managed. Its objective is to identify newpotential and to ensure that it’s career evolves according to profile

and know-how. Every year, each employee has an individualassessment to apprehend his level of integration in the Group andto review his progress in the company.

■ Internal mobility is in itself a factor essential for motivation. All newpositions are first of all offered to existing personnel, whilstmanaging Human Resources on a Group level means employeesmay move from one site to another and thus ensure the transfer ofknowledge. Indeed, several Finnish employees have successfullyjoined the Limay and Expansia sites since 2004, pooling diverseresources (R&D, Quality, etc.).

■ PCAS’s governing method is devised to ensure maximumtransparency regarding the Group’s strategy and objectives. Alloperational fields of the company are represented on theExecutive Committee, whilst the monthly Management Committeeincludes production site directors who ensure information isconveyed to the various sites.

■ The human scale size of these sites facilitates spreading informalcommunication and sharing objectives.

Significant events in 2006:■ The organisation of the PCAS group into two poles:

Pharmaceutical Synthesis and Fine Speciality Chemicals, enablingoperations to be organised by speciality and to optimise resourcesand expertise.


PCAS 2006

■ Continuing the investment policy in Professional Training.

■ Expertly managing the wage bill.

■ Continuing the constant effort by PCAS to strengthen the safety ofits employees.

■ Rationalisation of technical means and harmonisation ofmanagement methods (centralising wages at the Longjumeauheadquarters, where two thirds of the Group’s pay slips arehandled every month).

In 2007, Human Resources Management will particularlyconcentrate on informing its personnel of the risks linked toaccidents at work in the Group and emphasizing the importance ofattendance.

A bonus system was implemented at the end of 2006 and will comeinto effect in 2007, site by site, and is founded on exceedingmeasurable objectives, each of the objectives could differ from siteto site.

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1 059 employees

of which 30 %are under 35 years old

Training course interns within the group

Personnel Costs In millions of euros

Registered employees

1 054(1)

200552,7(1)

200553,7(1)

20061 059(1)

2006

A sustained training effort % of employees who have undergone training

61 %2006

59 %2005

(1) Excluding Créapharm and PCF


Quality and Regulatory AffairsA continuous and transversal process

PCAS 2006

Quality is at the heart of the PCAS organisationQuality Assurance at PCAS is a continuous operational process, fullyintegrated into the organisation and the company operations. The deployment of a quality system, homogeneous to all the group’ssites, was finalised in 2004. Guidelines and procedures are nowshared by all production units through an electronic management ofdocuments (DOCNET).

Other innovations: ■ Project selection: Le Comité de sélection hiérarchise les projets en

fonction de leur faisabilité et de leur valeur ajoutée, et en vued’une qualité optimale du produit fini.

■ Anticipation: The Regulatory Affairs Department’s resources werecentralised at the Aramon site. This pole of expertise is capable ofanswering to the growing demands of the world-wide sanitaryagencies on the quality of the process files.

An independent function, but integrated into production processesPCAS sites apply rigorous quality systems of reference. They areregularly inspected by the FDA or by sanitary agencies, notablyAFFSAPS*.■ cGMP quality: Four PCAS sites apply the cGMP system of

reference and are FDA inspected. A new function of coordinatingquality control (QC)* was created in 2005 at the four PCAS cGMPsites.

■ ISO quality: Seven sites are certified ISO 9001, 2000 version. Fiveof these have received a global certificate. The follow-up audit atthe end of 2006 raised no observations.

Listening to our customers PCAS’s quality system is flexible. Customers regularly come to thesites to audit the methods that the Group knows how to adapt to suittheir requirements or specifities. The ISO 9001, version 2000,system of reference, adopted by all the Group’s ISO 9001 sites, isstructurally customer-oriented. More than 95% of customers esteemproduct quality supplied by PCAS to be “good” or “excellent”(customer satisfaction survey carried out in 2005).

Rationalised qualityPCAS’s quality system is designed as a value-added function.Multiple step synthesis is split between the ISO sites and the cGMPsites according to their criticality (the cost of quality control in thecGMP units is 50 – 100% higher than in the ISO units). The cGMPunits use the synthesis intermediates produced at the ISO sites.Such synergy allows the global cost of the synthesis to be optimisedand makes quality a continuous and transversal process which formspart of PCAS’s added-value.

“With a chemistry degree (Specialisation in analytical chemistry), I havetaken up the positions of Analytical Development Manager, AnalyticalMethodology Manager (stability, validation..), QC Supervisor and finallymy current position. Having gained 11 years experience in thepharmaceutical fine chemicals industry sector, I joined the PCAS groupin 1998. My role is to coordinate internally chemical and microbiologicalabilities according to the pharmaceutical sector’s regulatory constraintswhich are more and more demanding. Internal customers, be itproduction, R&D, Regulatory Affairs as well as our externalcustomers, with whom I am in direct contact, must be provided with aservice. This pivotal role, the various contacts and team work arevery enriching in a context where responsiveness and analysisquality are essential. My role has been expanded, having recentlytaken charge of the four cGMP production units, one of which islocated in Finland. It’s a great challenge!”

Muriel JanvionQuality Control (QC) Manager at theLimay site (PCAS SA) – QC coordinationof the four cGMP production sites of thePCAS group

“Responsiveness and analysis quality are essential.”


Health, Safetyand EnvironmentSafety and respect of the environment: two main priorities for PCAS


PCAS has signed the Chemical Industries Union’s “Commitmentto Progress”. This voluntary choice by a civic-mindedcompany, demonstrates its safetyimprovement and

environment protection dynamic.Made up of eight production sites, in France, in Finland and inQuebec, PCAS has successfully developed a safety-environmentculture which is common to all those in the Group. This culture, strengthened by the experiences amassed by each of the units, is today present at each of the sites according to theirtechnological specifities. The arrival of VLG Chem in 2004, enabledall sites to benefit from an ISO 14001 certified company. Thiscommitment has concrete and permanent implications in the field.More than 500 modifications have been made to the regulations inFrance and in Europe over the last 12 years. Constant investmentand mobilisation of specialised expertise is required to put these inplace.

PCAS applies two basic principles

■ Personnel safety and protection of the environment are fullyintegrated into the company’s processes. All processes aresystematically evaluated taking into consideration these twocritical parameters from a sustainable development standpoint.

■ In both these fields, PCAS policy is to find a happy medium betweenstringency and pragmatism. The Group adopts a global and versatileapproach so that their implementation is compatible with costcontrol. Investments in environmental protection lead on the wholeto a reduction in polluting loads and better waste management.

Prevention is central to safety policy■ Identifying the risksA risk identification and assessment approach is linked to each newprocess: toxicity study, stability test for all implemented substancesand thermal substances and thermal assessment. R&D plays amajor role in risk assessment. All this data is compiled into theprocess file.

■ AnticipateThe accident prevention strategy and the risk-control plan arewritten into the Seveso* directives to which the four PCAS sites mustcomply: Bourgoin and Couterne (high threshold); Aramon andMourenx (low threshold). Limay, Turku and Villeneuve-la-Garenneare establishments subject to authorisation. Safety managementsystem, inspection programmes, POI* and PPI* preventiveinformation and communication with the relevant people are all partof daily life for these production units. A crisis cell can be mobilisedat any time at each of the sites. A single document per sitesummarizes all the risks inherent to the activity, as well as theimplemented prevention and improvement measures. Managementis highly involved in crisis prevention management.

2 million euros invested in safety-environment in 2006 that is 20%of the Group’s investments

PCAS 2006

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PCAS 2006

■ ControlAll the pilot production sites enforce safety programmes, monitoredby performance indicators. The company’s safety policy adapts toeach of them according to their technological specificities. Specificprocesses are applied to the most sensitive technologies (processingin a closed area, detection systems, protective suit interventions inthe event of an incident, automation…): cyanide in Turku, brominein Couterne, acrolein in Mourenx, cytotoxic molecules in Aramonunder cGMP conditions.

■ ManagementOne manager per site takes on the responsibility for safety, under theauthority of the company director. PCAS has its own interventionteams trained by the CNPP (National Center for Prevention andProtection). They are faced with fire drills in confined spaces and inreal situations.

The sites undergo three types of audit: • internal, at each development process stage; • crossed: carried out by specialist teams from other PCAS sites;• external (DRIRE*).

“Progress Agreement”,values shared by everyone

■ Systematic application of the principles of the “ProgressAgreement” on all sites and in all PCAS activities.

■ Sub-contractor involvement. ■ Respect of regulatory measures and their developments

and implementation of best industrial practices. ■ Constant indicator improvement as regards safety, health

and environment. ■ Systematic impact assessments in order to control the effects

of the company activities on people and their environment. ■ Internal and external transparency for risks and prevention. ■ Active participation in the work of qualified bodies and

authorities. ■ Responsible waste and discharge management. ■ Contribution to research and experience-sharing

within the UIC.

Reducing the impact of activities on the environmentAll sites are regularly inspected by the relevant authorities andchecked by the DRIRE *. No liquid or waste leaves the industrial plants without having beenanalysed then treated.PCAS actively participates in the work of the Permanent Secretaryfor the Prevention of Industrial Pollution (SPPPI) in the regionswhere this type of structure exists.

■ Water quality An important programme was set up in order to reduce the pollutedsubstances into the water with concrete results. All sites areequipped with mechanical/chemical or biological plants, or have setup agreements with local authorities or river authorities. Anincinerator for liquids was installed in Couterne. Underground waterquality is systematically monitored. Synergies are developed in orderto optimise facilities, in particular between the Limay site and theVLG Chem site. New investments are evaluated to comply withregulatory specifications which considerably limit the levels ofnitrates in used water (from 1,000mg/m3 to 30 mg/m3).

■ Air qualityLimiting VOC (Volatile Organic Compounds) gas discharges is themain issue for progress defined by PCAS. All sites will define andput new gas-emission control plans in place.

■ Waste treatmentPCAS long-term strategy is to maximise the systematic enhancementof waste. Partnerships with specific companies have been launchedat all sites in order to develop recycling.

Agreements with local authorities at allother sites

8 physico-chemical water treatment plants

1 liquid incinerator3 biological plants

“Cooling basin at the Synthesis building, PCAS Bourgoin-Jallieu site”


REACH**

PCAS 2006* See Glossary page 30,31 and 32

Its implementation at PCAS will begin in 2008, with a scale-upover several years of reviewing and registering productsdepending on the annual quantities manufactured.

PCAS products are, on the most part, transformed by its customersand are therefore never directly available to the public.

Having not only thought ahead, PCAS is actively preparing to registerits products whilst being committed to the following actions:

■ Detailed list of relevant products and starting materials available at all sites,

■ Identifying customer’s use of products sold by PCAS,

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** REACH = Registration,Evaluation, Authorization of Chemicals

■ Communicating the registration strategy to customers,

■ Contact and reviews with experts in the toxicological andecotoxicological fields for the composition and registration of eachproduct of a file on the physico-chemical, toxicological andecotoxicological properties of the substances and evaluating therisks for health and the environment for all uses of the substancein its life cycle.

… however PCAS also takes part in the effort for innovation whilsthelping its customers to substitute dangerous products:

■ Definition and planning development projects and production ofsubstitution substances for dangerous products for health and theenvironment,

■ Integration, validation and commercialisation of substitutionproducts.

This process is carried out in collaboration with PCAS customers andsuppliers whilst measuring the technical feasibility, the fundamentalrespect for sanitary and environmental requirements and its economicpracticability for each project.

“ Responsible Care ”Commitment Charter to progress

The PCAS “Health-Safety-Environment” Charter takes up the valuesfrom the voluntary contract “Progress Agreement” to which thegroup has signed up to. This charter’s objectives match and complete those of REACH.In 2006, PCAS committed to the charter along with the ChemicalIndustries Union and five French companies, Arkema, Coatex, CrayValley, Rhodia and Sanofi-Aventis.This charter is made up of nine key elements to which the signatoriesare committed to implement, in particular:

■ Commitment to sustainable development,■ improvement on the information concerning the performance of

each committed company and the progressive external verificationof this data,

■ product follow-up during its life cycle, ■ taking the expectations and questions of interested parties into

account: public power, residents, associations, ONG…

Signing the declaration supporting the worldwide charter “Responsible Care” underlines the responsibility of chemicalcompanies and their proactive and voluntary steps towards problemsconcerning sustainable development.

By applying this worldwide charter, PCAS is playing its role towardsimproving the quality of life of the international community.

The final adjustments to the regulations foresee the developmentand presentation of R&D plans for substitution projects. A numberof PCAS customers do not have R&D.In this scope, the PCAS multi-disciplinary R&D teams anticipate aidto customers in this field whilst developing plans of documentedsubstitution.

Aimed at improving the level of health and environmental protection, the European regulation REACH was voted in December 2006.Only a small part of PCAS’s activities is directly affected by REACH. PCAS views REACH as an opportunity in its development strategy.


PCAS 2006

Glossary

ACE: Angiotensin Converting EnzymeAcrolein: raw material used in the synthesis of products for theperfumery, pharmacy and graphic arts markets, the application of whichrequires special safety equipment.Additives: chemicals which impart specific performances to fuels,lubricants, paints etc. into which they are introduced.AFSSAPS: French agency for the Sanitary Safety of Health-care products.

Back-up: procedure for registering a second production site and therebyovercoming any issues at the main site.Batch: a unique quantity of product produced from a chemical synthesis.Biodrug: drug synthesised using biochemistry.Blockbuster: drug where sales turnover represents more than 1 billion dollars.BPF (Bonnes Pratiques de Fabrication): international production standardused in the pharmaceutical industry in accordance with a quality benchmark produced by the French National Drug Agency. BPF conditions must be met in order to be able to exploit pharmaceutical sites which are regularly audited by the sanitary authorities.Bulk API (Active Pharmaceutical Ingredient): industrial content of anactive pharmaceutical ingredient*.

cGMP (current Good Manufacturing Practices): production standard inaccordance with prevailing US standards, as published by the Food and Drug Administration (FDA). These production methods aremandatory in order to be able to export a pharmaceutical activeingredient (or certain synthesis intermediates) to the USA. The FDAcarries out inspections to make sure that factory productions complywith these rules.

Chirality: property of non-superimposable entities (for example, the righthand and the left hand).Clinical development : set of medical investigations for defining thetherapeutic activity of an active ingredient, the administration method,the doses to be taken, the side-effects… Full development of a druggenerally lasts 10-14 years and affects an average of one molecule outof 10,000.CMC (Chemistry, Manufacturing and Control): File in which the chemistry,process and control method of an active ingredient are described.Conducting polymers: generally organic polymers which may conductelectricity when submitted to an electric field.Cryogenic reaction chemical reaction at temperatures below -80°C.CTP (Computer To Plate): technology for printing directly from thecomputerised tool onto heat sensitive plates without passing through the lithographic process. This requires special chemicals which react to specific wavelengths.Custom manufacturing: Products for the pharmaceutical industrywhereby the synthesis is custom-made.Cytotoxic molecule: molecule which interferes with a biological processat a very low dose.

Diborane chemistry: diborane, a boron derivative bearing hydrogenatoms, is used in specific reduction reactions.DRIRE (Direction Régionale de l’Industrie, de la Recherche et del’Environnement): A French national organisation responsible forinspecting listed corporations. Every chemical plant is listed andtherefore regularly audited by this organisation. They are also involvedin drawing up district by-laws (arrêtés préfectoraux) to which factoryoperational conditions are subjected.Drug Master File (DMF): totality of technical and analytical data serving asthe basis for the request for a market authorisation for a drug (seeFrench market authorisation).

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EDQM: European Directorate for the Quality of Medecine.Electroceramic: a ceramic material with certain specific electrical properties(dielectric, semiconductor, conductor…).Electroluminescent polymers: types of conducting polymers which, whensubmitted to an electric field, conduct current and emit light.Enzymatic resolution: substance conversion reaction, utilising the propertiesof an enzyme.

FDA (Food and Drug Administration): US organisation which issues theauthorisation for launching a new drug.Flash pyrolysis: technology for synthesizing chemicals based on hightemperature pyrolysis of metal salt solutions.Formulation: Form under which the drug is administered (tablets, effervescent), injectable…French Market Authorisation (AMM): the sanitary regulatory authoritiesassign a registration number to any new drug, for its market authorisation.This number may be found on the medicine packet.

Galenic formulation: See formulation.GC-MS: this is an analysis method that combines gas chromatographywith mass spectrometry to analyse the purity of a product and to determineits molecular mass.Generic: Copy of a drug whose patent has expired.Generic “plus”: a generic, for which a patentable (and generally morecost effective) alternative synthesis method or a more efficient formulationmethod has been developed.GPAO: computer-aided management.GTL (Gas-To-Liquid): methods for producing higher hydrocarbons fromgases; these methods are designed to convert the abundant resourcesof natural gas into liquid hydrocarbons to meet the needs of petrochemistry.

Halogenation: introduction of a halogen (a fluorine, chlorine, bromine or iodine atom) into a molecule.Head space: highly sensitive analysis technique particularly suitable forthe detection of residual solvents.HPLC (High Pressure Liquid Chromatography) and HPLC-MS: scientificinstrument for determining the purity of a composite (and theidentification of products through their molecular mass).HTS (High Throughput Screening): screening at high speed.

IAM (Imaging and Advance Materials): products for graphic arts, surfacetreatment and precursors of advanced materials.Inactinic light: describes radiation without any activity on photosensitiveproducts under usual illumination conditions.ISO (International Standard of Organization): acronym for “InternationalStandard of Organisation”.

Key Technologies: special manufacturing methods for preparing an activeingredient after several steps, which may involve specific expertise. Anexample is the possibility of working at a very low temperature (-90°C) inorder to improve synthesis yields and minimise undesirable by-products.Kilo-lab: unit for low yields (around 1kg), located between the laboratoryscale (a few hundred grams) and that of the pilot (10-100kg).

LCD (Liquid Cristal Display): flat screen technology based on the use ofliquid crystals.LED (Light Emitting Diodes): new flat screen technology using organicmolecules which, subject to an electric field, are able to emit lightdirectly. Depending on the molecules’ compositions, blue, red and greenlights may be emitted and the whole colour palette may bereconstructed by missing these colours. It is expected that thistechnology will compete with presently available technologies such asCRTs, plasma screens or liquid crystal screens. When the emittingmolecules are of very small sizes, this technology will be designated asOLED (Organic Light Emitting Diodes) technology. When the moleculesare of a larger size, this will be referred to as PLED (Polymer LightEmitting Diodes) technology.

Low metal: very small quantity of metallic impurities.Low temperature reactions: chemical reactions conducted between 0°and -80°C.

Metal salts and oxides: metal inorganic derivatives (especially nitrates).Mineral chemistry: refers essentially to compounds that do not containcarbon atoms.

Nanopowders: ultrafine powders with a particle size less than 1 micron(1 nanometre = 10-9 m, i.e. 0.000000001 metres).Niche: expertise or a particular profitable differentiation with respect tothe competition.NMR (Nuclear Magnetic Resonance): structural analysis device for organicmolecules.

OLED: see LED.Optically active molecule: molecule which causes the plane of polarisationof light to deviate and generally having an asymmetric component.Optoelectronics: technologies which are at the interface of photons andelectrons (e.g. passing from an optical fibre to an integrated circuit).Organometallic: chemistry in which a metal-carbon link exists in thecompound.OTC (Over The Counter): drugs sold without a prescription.

Pharmaceutical active ingredient: this is the substance(s) which give(s)the drug its therapeutic effect. This substance may be obtained by chemicalsynthesis resulting from many steps, by hemisynthesis or biologicalmethods.Pharmaceutical salts: bismuth or magnesium compounds with therapeutic(antibacterial features, or which may be used in galenic science).Pharmaceutical synthesis: succession of chemical steps leading to a moleculewith therapeutic properties, or to one of its intermediates.Photoresist: photosensitive formulation for use in the process of transferringan image or pattern onto a substrate. The microelectronics industry usesthis for manufacturing memories and microprocessors, very advancedphotoresists which are applied under very specific conditions for pattern(circuit) with a line thickness of 120nm (nanometres).Photosensitive materials: materials which react at molecular level to lightor a portion of the light spectrum (at a given wavelength) or to otherkinds of radiation.Photovaltaics: a technology converting energy from light (mostly solarenergy) into an electric current.Pilot: intermediate plant between the laboratory and factory at an industrialscale consisting of small size equipment which is required for industrialtesting of syntheses before scaling up to real production. The operatingprocedures may be monitored and adjusted with the pilot plant and therequirements in industrial equipment may be anticipated. As regardsquality, it is also often possible to produce small size validation batcheswhich are less costly than industrial batches.PLED: see LED.POI (internal operation plan): description of an emergency plan in caseof accident. It is limited to the interior of the establishment and its imme-diate environment.Polysiloxanes: polymers consisting of a linked chain of oxygen, silicon,carbon and hydrogen atoms.PPI (off-site emergency plan): emergency plan drawn up under the responsibility of the Préfet (Government representative) concerning theorganisation of civilian safety and the prevention of major risks. It setsout the emergency measures in case of an accident which impacts theexterior of the site.Precursor of advanced materials: molecular entity generally containing ametal which may be deposited by various techniques to form a film orthin layer imparting functional (such as conducting, semi-conducting,anti-reflecting, dielectric, piezoelectric…) properties to a material so thatit may be used in high-tech applications.Princeps: this is the original drug as opposed to the generic drug.

QC (quality control): verifies the compliance of products with specifications.

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PCAS 2006

Ranking: Prioritising.REACH (Registration, Evaluation and Authorisation of Chemicals):European regulatory project for the assessment of the risks of marketintroduction of chemical products.Reduction reaction: chemical reaction frequently utilising hydrogen andsodium borohydride.Regulatory Affairs: department responsible for drafting, editing and filingdocumentation with the regulatory authorities, and then following up andupdating the documentation required for registration of the active pharmaceutical ingredient.Regulatory files: set of documents relating to the work accomplished inconnection with the issue of a market authorisation for a given drug.These documents confirm the reliability and reproducibility of the synthesis and analysis of the active ingredient, of the identification andquantification of possible impurities for the whole of the clinicaltrials…Each file may contain several thousand pages.

Seveso: Italian site where a serious chemical accident occurred in 1976(substantial releases of dioxin). For better control of chemical hazards,the authorities (urged by their public opinions), traumatised by this accident, enacted guidelines for better control and classification of che-mical hazards (the so-called Seveso I – 1982, followed by Seveso II –1996). Seveso or non-Seveso classifications are performed under consi-deration of the inventory levels of hazardous materials, handled on-site.The “Seveso” sites for PCAS are the Bourgoin, Couterne, Aramon(Expansia) and Mourenx (SBS).

Shuffling: Random cutting, reminding one of the effects of "shufflingcards".Special dyes: generally highly sophisticated dyes, especially synthesizedfor market niche applications, as for example in the electronics industry.Sulphur products (odourless): additives containing sulphur which areparticularly beneficial to performance lubricants as they limit wear. The sulphuric odour in the last generation of additives has been removed.Synthesis intermediates: defined chemical used as raw material in a subsequent synthesis step.

Technical fluids: lubricants, fuels, hydraulic fluids…used in industrialprocesses.Thiophene chemistry: haromatic sulphur heterocycle frequently used inthe synthesis of intermediates for pharmaceutical use.Toll manufacturing: activity which consists of manufacturing products fora prime contractor.

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BOARD OF DIRECTORSas of 31st December 2006

Christian MorettiChairman

Pierre Court Director

Jean-Robert KervarecDirector

Jean-Pierre RichardDirector representing DYNACTION

Alain de SalaberryDirector

EXECUTIVE COMMITTEEas of 31st December 2006

Christian Moretti Chairman

Philippe Delwasse Managing Director

Eric Moissenot Chief Financial Officer

Gérard Guillamot Research and Development Director

Vincent Touraille Head of Pharmaceutical Synthesis

Alain Dugueyt Head of Fine Speciality Chemicals


PCASChairman: Christian Moretti

Registered officeBP 181 - 23 rue BossuetZI de la Vigne-aux-Loups91160 Longjumeau – FranceTél. : 33 (0)1 69 09 77 85Fax : 33 (0)1 64 48 23 19www.pcas.fr

SitesBourgoinManager: Rémy Benoît15 avenue des frères-Lumière38300 Bourgoin-Jallieu – FranceTél. : 33 (0)4 74 93 63 33Fax : 33 (0)4 74 28 29 98

CouterneManager: Dominique MabireRoute de Lassay61410 Couterne – FranceTél. : 33 (0)2 33 37 50 20Fax : 33 (0)2 33 37 50 21

LimayManager: Joseph Abgrall19 route de Meulan78520 Limay – FranceTél. : 33 (0)1 34 78 87 87Fax : 33 (0)1 30 92 03 46

ExpansiaChairman: Vincent Touraille

Registered officeBP 181 – 23 rue BossuetZI de la Vigne-aux-Loups91160 Longjumeau – FranceTél. : 33 (0)1 69 09 77 85Fax : 33 (0)1 64 48 23 19

SiteManager: Denis LeducRoute d'Avignon30390 Aramon – FranceTél. : 33 (0)4 66 57 01 01Fax : 33 (0)4 66 57 01 48

PCAS FinlandChairman: Vincent Touraille

Manager: Jussi TorikkaMessukentänkatu 820210 Turku – FinlandeTél. : 00 358 2 330 51Fax : 00 358 2 330 58 23

Société Béarnaise de SynthèseChairman: Alain Dugueyt


SiteManager: Pascal GuerriniPlateforme SobegiZone Industrielle64150 IndustrielleTél. : 33 (0)5 59 92 75 33Fax : 33 (0)5 59 92 75 31

VLG ChemChairman: Vincent Touraille


SiteManager: Philippe Jaffrennou35 avenue Jean-Jaurès92390 Villeneuve-La-Garenne – FranceTél. : 33 (0)1 46 85 91 91Fax : 33 (0)1 46 85 91 61

PCAS BiosolutionChairman: Philippe Delwasse

Registered office23 rue BossuetZI de la Vigne-aux-Loups91160 Longjumeau – FranceTél. : 33 (0)4 66 27 29 21Fax : 33 (0)1 66 27 29 20www.pcasbiosolution.com

St-Jean PhotochemistryChairman: Didier Schneider

725 street TrotterSaint-Jean-sur-Richelieu J3B 8J8Quebec - CanadaTél. : 00 1 450 348 09 01Fax : 00 1 450 348 15 28www.sjpc.com

couv pcas 2006 gb 25/10/07 11:20 Page 4

PCAS

Registered officeBP 181 - 23 rue BossuetZ.I. de la Vigne-aux-Loups91160 Longjumeau – France

Tél. : 33 (0)1 69 09 77 85Fax : 33 (0)1 64 48 23 19www.pcas.fr

couv pcas 2006 gb 25/10/07 11:19 Page 1

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