Chemicals firm completes £232m acquisition of Korean biotech

Croda International has completed its acquisition of premium beauty actives supplier Solus Biotech following approval from South Korean regulators.

Croda, which announced an agreement to buy the firm from Solus Advanced Materials in February, said the acquisition would give it access to Solus’ existing biotech-derived ceramide and phospholipid technologies, and its emerging capabilities in natural retinol.

It would also significantly strengthen its own beauty actives portfolio, increase its access to prestige segments, increase its manufacturing capabilities in Asia and create a new biotech R&D hub in the region.

Croda chief executive Steve Foots said in February that the acquisition would be a “strategic bullyseye” 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.”

He added, “It significantly enhances our sustainable biotechnology capabilities and adds a North Asia 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.”