DEINOVE has announced that, in the context of the global health crisis linked to the Covid-19 pandemic, the agreement which has been under discussion since February with the Israeli group, Sharon Laboratories will not be signed.
Agreement Not Signed Due to Covid-19
The economic, industrial and financial consequences of the current crisis, as well as their duration, being unknown to date, the collaboration on the development of a complete range of cosmetic ingredients has been questioned.
"
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,” said Charles Woler, CEO of DEINOVE.
The USD 200k payment made by Sharon Laboratories to DEINOVE at the signing of the Memorandum of Understanding (MoU) remains however retained by DEINOVE.
DEINOVE Continues Advances in Cosmetics
In the area of cosmetic actives, 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.
“
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 Woler.
Source: DEINOVE