Chemicals firm Avecia has announced it is planning to spin off a new company under the name of Reaxa, which will focus on a range of precious metals based activities.

Reaxa will be headed up by Dr Peter Jackson, who says the firm will concentrate chiefly on the palladium-based EnCat range of encapsulated catalysts.

Industry publication in-PharmaTechnologist also reports that the new firm will work on QuadraPure precious metal and chemical scavenging resin, as well as QuadraGel synthesis support resin.

The deal to create the new firm will be finalised once funding has been secured, but Dr Jackson is confident that the remaining formalities will be completed in the near future.

Reaxa's Pd EnCat, which first debuted in 2003, is now set to be expanded further, with variations on the catalyst using other pgms, such as rhodium, ruthenium and platinum, also under development.

Dr Jackson will retain his position as vice president at Avecia position, while also assuming the new role at the head of Reaxa.