Cerium-based catalyst interconverts between 2 chemically different oxidation states, enabling 2 completely different reactions in same container

https://www.eurekalert.org/news-releases/1095273 

"multiple chemical reaction steps carried out 1 after another creates significant overhead, overcome synthesizing complex molecules in 1 step without needing to isolate intermediate products/ change catalysts... linked 2 reactions: ring-forming step acting on initial reactants producing intermediate compound, oxidation reaction adding oxygen producing final compound... catalyzing either reaction flips cerium to other oxidation state... gets high yields under mild conditions... pharmaceuticals, functional materials"