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Evolva enters a new agreement with International Flavors & Fragrances
Reinach, 25 March 2020 – Evolva, the Swiss biotech company, has entered a new collaboration agreement with International Flavors and Fragrancies (IFF), a leading global creator of taste, scent and nutrition for consumer products, to further develop and expand commercialization of vanillin.
The two companies started to collaborate in 2011. Under the terms of the new agreement, IFF will expand commercialization of the product and Evolva will be responsible to further develop vanillin. Evolva will receive payments for the product manufactured and sold, contributing to reach cash break-even by 2023.
“We regard the agreement with Evolva as an example of our continued commitment to support the increasing consumer attention to health and the environment” said Matthias Haeni, Divisional CEO, Taste, for IFF.
Evolva has significantly invested in the capability to develop and optimize its ingredients and shorten time to commercial-scale production.
“We are pleased to continue to provide technology services to IFF. Partners can count on our high-quality, tailored services, and extensive experience in this area” said Oliver Walker, Evolva’s CEO.
Vanilla is a complex blend of flavor and fragrance ingredients extracted from the seed pods of the vanilla orchid. The most important ingredient in this blend is vanillin. However, because of bottlenecks in nature, most products that want to impart the aroma of vanilla do not in fact use vanilla but rather synthetic vanillin (85% of all vanillin consumed worldwide) made primarily from petrochemicals or chemically derived from lignin.
Welcome to IFF
At IFF (NYSE:IFF) (Euronext Paris:IFF) (TASE:IFF), we’re using Uncommon Sense to create what the world needs. As a collective of unconventional thinkers and creators, we put science and artistry to work to create unique and unexpected scents, tastes, experiences and ingredients for the products our world craves. Learn more at iff.com, Twitter, LinkedIn, Facebook and Instagram
Evolva is a Swiss biotech company focused on the research, development and commercialization of products based on nature. We have leading businesses in Flavors and Fragrances, Health Ingredients and Health Protection. Evolva’s employees, half of which are women, are dedicated to make the best products that can contribute to health, wellbeing and sensory enjoyment. Find out more at www.evolva.com.
This press release contains specific forward-looking statements, e.g. statements including terms like believe, assume, expect or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.