Bio-on

About Bio-on

Founded in 2007 by Marco Astorri and Guido Cicognani, Bio-on specialized in the research and production of polyhydroxyalkanoates (PHAs), a category of biopolymers that are 100% biodegradable in nature. The company's technology utilized a bacterial fermentation process to convert agricultural by-products, such as sugar beet and sugarcane molasses, into a polymer that serves as an energy reserve for microorganisms. This process positioned PHAs as a potential substitute for petroleum-based plastics in various sectors. Bio-on's business model initially centered on licensing its extensive portfolio of over 100 patents to third parties. The company went public in 2014, listing on the Borsa Italiana's AIM market, and saw its valuation surge, at one point reaching over €1 billion. Subsequently, the firm shifted its strategy to include direct production, culminating in the inauguration of a manufacturing plant in Castel San Pietro Terme, near Bologna, in the spring of 2019. The bioplastics produced, known as Minerv PHA, were developed for applications in fields ranging from packaging and textiles to automotive and biomedical devices. In July 2019, Bio-on became the target of a critical report by Quintessential Capital Management (QCM), which accused the company of being an "empty shell" and questioned its revenue and production capabilities. This report triggered a rapid decline in the company's stock value. By October 2019, Italian authorities had arrested founder Marco Astorri, and trading of the company's shares was suspended. Bio-on was officially declared bankrupt by the court of Bologna in December 2019. Following the bankruptcy, the company's assets were put up for auction. In 2023, Gruppo MAIP, a Turin-based plastics compounder, acquired Bio-on's assets through its subsidiary Haruki Spa for a reported €27 million, with an additional €6 million investment. The acquisition plan included relaunching the production facility and re-engaging Marco Astorri as a collaborator to leverage his expertise for the company's revival. The new ownership aims to re-establish the brand as a center of excellence for PHA production, combining Bio-on's core technology with MAIP's experience in polymer compounding to develop and market hundreds of PHA-based formulations.