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Symrise To Acquire Italian Biotech Company Cutech - Quick Facts

Symrise AG (SYIEY.PK,SYIEF.PK), a supplier of fragrances, flavorings and cosmetic active ingredients, said Monday that it has agreed to acquire Italian biotech company Cutech in Padua, Italy. Financial terms of the deal were not disclosed.

Cutech offers unique pre-clinical screening services for cosmetic ingredients and finished formulations. The biotech company, founded in 2002, specializes in unique pre-clinical screening services based on innovative proprietary ex vivo skin, sebaceous gland and hair models.

Cutech also contributes IP on natural ingredients, such as micro algae, to supplement the Symrise portfolio.

Symrise noted that the acquisition will expand its expertise in the efficacy testing of cosmetic ingredients and open new opportunities for collaboration with partners from scientific institutions. It will also increase the go-to-market speed for novel active ingredients.

"Cutech constitutes the perfect fit for Symrise's Cosmetic Ingredients Division. The highly specific R&D and biotechnology capabilities of Cutech optimally complement the research expertise of Symrise", says Dr. Gerhard Schmaus, Head of Global Innovation Cosmetic Ingredients Division at Symrise.

Deloitte Financial Advisory S.r.l. is acting as financial advisor to Symrise, while Clifford Chance is acting as legal advisor. Pirola Pennuto Zei & Associati is acting as legal advisor to Cutech.

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