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Expands its product development for unique active ingredients.
March 19, 2020
By: Happi Staff
Evonik has concluded a purchase agreement to acquire innovativeHealth Group (innoHealth), with the transaction due to be completed before the end of March. Headquartered in Madrid, innoHealth's technology platforms screen and combine natural ingredients and extracts to generate dermocosmetic products with synergistic activities. The company will be part of Evonik's Care Solutions Business Line. The acquisition of innoHealth 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. “Evonik’s DNA for development is to innovate new products that show proven efficacy and support unique cosmetic claims,” said Tammo Boinowitz, SVP 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.” In addition to the screening platform, innoHealth developed a tool to combine active ingredients showing synergistic effects. The platform can be used for Evonik’s product development and as a selection tool for its customers. Additionally, Evonik will offer customized active ingredients that meet the specific market trends and consumer needs. 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 skin care 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.” The purchase price will not be disclosed.
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