Croda International acquires Solus Biotech
Croda International has confirmed that it has successfully acquired Solus Biotech, following receipt of approval from the South Korean regulatory authorities. Solus is a leading company in premium, biotechnology-derived active ingredients for both pharmaceuticals and beauty products.
This follows an announcement in February 2023 when the deal was first agreed.
Under the terms of the agreement, Croda will pay Solus KRW350bn (approximately £232m) to acquire the biotech, strengthening Croda’s portfolio and expanding its manufacturing capability in Asia while also creating a new biotechnology R&D hub in the region.
Steve Foots, Croda’s chief executive officer, commented: “This is a strategic bullseye for Croda, consolidating our position as a global leader in supplying sustainable, natural actives for personal care across three critical technology platforms of peptides, ceramides and retinol. It significantly enhances our sustainable biotechnology capabilities and adds a North Asian manufacturing and innovation facility, providing a springboard to premium markets in Asia and beyond. I am especially excited about their brilliant technology, with Solus bringing rich IP and proprietary know-how that we will be able to deliver to customers globally.”
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