In a climate of economic and industrial uncertainty, the collaboration agreement between Sharon Laboratories and Deinove will not be signed.
The Israeli group Sharon Laboratories and the French biotech company intended to co-operate on the development of a complete range of cosmetic ingredients but the global health crisis linked to the Covid-19 pandemic has ended these plans.
The USD 200,000 payment made by Sharon Laboratories to Deinove at the signing of the Memorandum of Understanding (MoU) remains however retained by Deinove, said the French company in a statement.
"It is indeed disappointing not to sign this agreement with Sharon Laboratories, on which both companies have worked hard, but neither they nor we are spared from this abrupt change in the environment. We have put all the necessary measures in place to protect the health and safety of our employees, so our teams remain committed to securing the imminent product launches, moving forward with our projects and meeting our commitments to our partners," said Charles Woler, CEO of Deinove.
However, as far as cosmetic active ingredients are concerned, Deinove is continuing to advance its various programs with its partners - Solvay, Univar, Greentech, Hallstar France, Dow, and other leading players whose identities remain confidential.
The company recently announced the commercial launch of Biome Oléoactif, an active ingredient produced from a rare extremophile bacterium, collected in a hot spring, offering prebiotic and moisturizing, restructuring, soothing and emollient properties to the skin.