Ceapro announces the signing of a long-term supply agreement for active ingredients
The agreement is with Symrise AG for Ceapro's ingredients to be used in the manufacturing of cosmetics.
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EDMONTON — Ceapro Inc., a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, announced the signing of a 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.
Under the agreement, Symrise is guaranteed to purchase minimum annual volumes of Ceapro’s active ingredients. Financial terms of the agreement were not disclosed.
“Symrise has been and will continue to be a valued, committed partner and we are very pleased to have renewed this agreement with them. This agreement not only provides security for our ongoing cosmeceuticals base business but also is expected to enable us to accelerate the growth of that base business through the potential to expand the list of exclusive customers to Symrise. We are 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. “We are confident that our partnership with Symrise, one of the most respected player in our industry, will continue to equally aid in the achievement of our common goals” he added.
“Ceapro and Symrise have a long-standing relationship in product development that has benefitted both companies over the years,” said Joern Andreas, President Cosmetic Ingredients Division, Symrise AG. “We see great value in this partnership and are very pleased to have secured this agreement, which will continue to pave the way for future developments that I believe will benefit both companies in creating value.”