Symrise has acquired 90.2% of Swedish bioengineering outfit Probi, which specialises in the research and manufacture of biotic ingredients.
The German ingredients maker made a SEK350 ($32) per share offer for all Probi stock listed on the Nasdaq Stockholm Mid Cap exchange.
Previously, Symrise owned 69.7% of Probi having been a shareholder since 2012.
In 2019, Symrise announced it was working with Probi to develop probiotic-based cosmetic ingredients for topical applications that are suitable for particularly sensitive and dry skin.
“Through its active involvement, Symrise has deep knowledge and understanding of Probi, its operations, and the market it operates in,” said Symrise in a statement.
“Symrise has a long-term belief in Probi since the company has a very attractive product offering that makes the health-enhancing benefits of probiotics available to people everywhere, and a fantastic global team,” it added.
“By joining forces, we will further strengthen our respective capabilities to serve the market with leading customized solutions, unlocking even greater value for customers globally.”
