Evonik has concluded a purchase agreement to acquire biotechnology company innovativeHealth Group (innoHealth). 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.
In addition to the screening platform, innoHealth developed a tool to identify and combine active ingredients showing synergistic activities between to develop novel dermocosmetic products that offer superior activity for specific applications. The artificial intelligence system implements an algorithm capable of calculating optimized ingredient blends for different applications. The platform can be used for Evonik’s product development and as a selection tool for its customers.
“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,” said Tammo Boinowitz, Senior Vice President and General Manager at Evonik’s Care Solutions Business Line. “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.”
Financial details of the transaction were not disclosed.