“We are excited to enter into this new field which we believe is the future of the cosmetic industry.”
French biotechnology company Deinove has signed a memorandum of understanding (MoU) with Israeli group Sharon Laboratories to develop and market a range of bio-based ingredients for the personal care sector.
Sharon Laboratories is a specialist in preservative solutions for personal care. Under the terms of the draft agreement, Sharon Laboratories will set up an R&D programme in collaboration with Deinove to jointly develop a new range of bio-based solutions, including bioactives for the cosmetics industry.
In a statement, the group said: “It will expand the potential of Deinove’s (@Deinove) biotechnology platform to a substantial and promising market, building Sharon Laboratories (@Sharon_Labs) 40 years of experience in the personal care preservation field.
“The global cosmetic market is seeking natural solutions to replace existing synthetic ingredients. As the natural cosmetics segment continues to grow, the demand for such ingredients will grow with it.”
The draft agreement also grants an exclusivity in various ingredient and functions to Sharon Laboratories, allowing Deinove to be “free to develop additional collaborations”.
The MoU for an agreement Is set to be finalised by the end of March and will have an initial term of three years. It is also set to provide for the partial financing of activities and royalties on sales.
Deinove CEO Charles Woler said: “This upcoming decisive and unprecedented agreement with Sharon Laboratories underlines the quality and versatility of our technological platform.
“Expanding into the demanding and promising new fields and functions is a great opportunity for Deinove. Doing so in the framework of an exclusive agreement with one of the main industry leaders, who shows his commitment already today, would ensure our success.”
Sharon Laboratories CEO Ari Melamud said: “We are excited to enter into this new field which we believe is the future of the cosmetic industry. Sharon Laboratories created a strong foundation for expedited growth, and we find Deinove to be the right partner to join us in this journey.
“We believe Deinove’s technology, know-how and people align well with Sharon’s strong capabilities and growth strategy.”