Evonik has concluded a purchase agreement to acquire innovativeHealth Group (innoHealth).
WHO: Headquartered at the Scientific Park of Madrid (Spain), innoHealth’s technology platforms screen and combine natural ingredients and extracts to generate novel dermocosmetic products with synergistic activities using artificial intelligence.
Evonik is one of the world leaders in specialty chemicals active in over 100 countries around the world. In fiscal 2018, the enterprise with more than 32,000 employees generated sales of €13.3 billion and an operating profit (adjusted EBITDA) of €2.15 billion from continuing operations.
WHY: The acquisition of innoHealth further strengthens Evonik’s Health & Care growth engine and allows Evonik to expand its product development for unique active ingredients. This latest move forms part of Evonik’s strategy to target growth for its innovation footprint within, and beyond, the personal care field.
IN THEIR OWN WORDS: “Evonik’s DNA for development is to innovate new products that show proven efficacy and support unique cosmetic claims,” said Tammo Boinowitz, Senior Vice President and General Manager at Evonik’s Care Solutions Business Line. “In order to screen the right products, we wanted to enlarge our lab capabilities and enhance our screening abilities. This is a core strength of innoHealth—to select the right products that show efficacy.”
Boinowitz added: “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.”
Prof. Dr. Eduardo Muñoz, MD, PhD, Professor of Immunology at the University of Cordoba, and co-founder of innoHealth, said, “innoHealth was created with the mission of offering novel skincare products and to provide technological support for their development. Our major focus has been on a scientific-based approach to new and more effective therapeutic solutions to dermatological skin conditions. Now as part of Evonik we are in a much better position to realize these goals, and we are looking forward to helping Evonik meet its wider targets and goals.”
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