Evonik Industries AG on Thursday said it has acquired Madrid-based biotechnology company innovativeHealth Group.
The transaction is due to be completed before the end of March. The financial details of the deal were not disclosed.
Headquartered at the Scientific Park of Madrid (Spain), innovativeHealth’s technology platforms screen and combine natural ingredients and extracts to generate novel dermocosmetic products with synergistic activities.
According to Evonik, the acquisition of innoHealth will strengthen its Health & Care growth engine and allows the company to expand its product development for unique active ingredients.
The company will be part of Evonik’s Care Solutions Business Line.
This latest announcement comes as part of Evonik’s plan to achieve growth for its footprint in innovation within and beyond the field of personal care.
Tammo Boinowitz, Senior Vice President and General Manager at Evonik’s Care Solutions Business Line, said, “With this latest acquisition we have strengthened our innovative power in the area of cosmetic active ingredients. We will now be able to optimize the costs and development time, as well as achieve high quality and high performance products that show attractive and scientifically proven properties.”