Evonik Closes Purchase of Biotechnology Firm innoHealth

March 23, 2020

4 Min Read
Evonik Closes Purchase of Biotechnology Firm innoHealth
Evonik completed its purchase of Spain-based biotechnology firm innoHealth. Image courtesy of Evonik

German specialty chemicals firm Evonik announced Thursday that its purchase agreement to acquire innovativeHealth Group (innoHealth) was recently completed, expanding its position in novel dermocosmetic products. The financial terms of the transaction were not revealed.

Based in Madrid, Spain, innoHealth’s platform screens and combines natural ingredients and extracts to manufacture its offerings. Under the new ownership, it will be a part of Evonik’s Care Solutions business line. 

“Evonik’s DNA for development is to innovate new products that show proven efficacy and support unique cosmetic claims,” Tammo Boinowitz, senior vice president and general manager at Evonik’s Care Solutions business lines, said in a company press release. “In order to screen the right products, we wanted to enlarge our lab capabilities and enhance our screening capabilities. This is a core strength of innoHealth – to select the right products that show efficacy.”

The Spanish biotechnology company also has created an artificial intelligence (AI) tool, the Ingredient Combinatorial System, that calculates the optimal blends of ingredients for various applications. 

“With this latest acquisition, we have strengthened our innovative power in the area of cosmetic active ingredients,” said Boinowitz. “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.” 

In February, Powder & Bulk Solids reported that Evonik resumed full operations at 10 plants and four offices in China. “Up to now, zero case[s] of nCoV infection has been reported neither in Evonik China nor in other regions Evonik operates,” the company said in a statement. “We are doing everything within our power to keep the record.”  

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