Supply and distribution agreement provides Symrise with exclusivity for several major key international customers in the cosmetic market
Exclusive agreement extended from 3 to 5 years until December 31, 2026. (Credit: Content Pixie on Unsplash)
Ceapro, a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced the signing of an amendment to its long-term agreement with German-based multinational, Symrise AG, for the distribution and commercialization of Ceapro’s high value active ingredients to major key international players in the cosmetic market. The three-year agreement, signed on January 1, 2022, will now extend until December 31, 2026.
Under the agreement, Symrise is guaranteed to purchase minimum annual volumes of Ceapro’s high value active ingredients. Financial terms of the agreement were not disclosed.
“We are very pleased to extend our supply and distribution agreement and reaffirm our strong relationship with longtime partner Symrise. Given the changes and new trends in the marketplace, this agreement not only provides additional security for our ongoing cosmeceuticals base business but will also enable continued development and offering of new products like a new powder formulation of oat beta glucan on which both organizations have worked over the last months. Such developments are critical to maintain leadership positions and navigate through economical challenges while responding to more demanding customers. We are one more time delighted for the vote of confidence towards our Company and especially for the recognition of the quality and uniqueness of Ceapro’s products,” said Gilles Gagnon, President and CEO of Ceapro.
“Ceapro and Symrise have a long-standing relationship in product development that has benefitted both companies over the years,” added Timothy Kenny, Global President Cosmetic Ingredients, Symrise AG. “We believe this renewed commitment is an important milestone in our continued collaboration and this agreement further secures a strong foundation for the future. We are equally looking forward to making it successful in creating value.”
Source: Company Press Release