The current health, economic and financial crisis creates too much uncertainty to enter into a long-term full partnership around a complete range of ingredients.
DEINOVE continues to advance its various programs with its current partners
The $200k payment made by Sharon Laboratories to DEINOVE at the signing of the MoU remains however retained by DEINOVE.
DEINOVE (Euronext Growth Paris: ALDEI), a French biotech company that uses a disruptive approach to develop innovative antibiotics and bio-based active ingredients for cosmetics, today announces 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.
Indeed, 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.
The $200k payment made by Sharon Laboratories to DEINOVE at the signing of the Memorandum of Understanding (MoU) remains however retained by DEINOVE.
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.
"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. 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 Charles Woler, CEO of DEINOVE.