28 August 2008 02:11 [Source: ICIS news]
NEW YORK (ICIS news)--Netherlands-based chemical producer DSM has acquired a 29.3% equity stake in Provexis, a UK-based developer of ingredients for the functional food, medical food and dietary supplement market, the company said on Wednesday.
The investment, part of a strategy to expand its position in ingredients for functional food and dietary supplements, is the twentieth equity participation made through DSM Venturing, the corporate venturing unit.
DSM has earmarked up to €200m ($295m) for such investments through 2012.
Provexis' lead product is Fruitflow, a patented, bioactive tomato extract that improves blood flow. The product has attracted “substantial interest from world leading food manufacturers, including Unilever,” according to DSM.
“Provexis also has other products and technologies in development that are of strategic interest to DSM,” the company said in a statement.
DSM’s stake makes it the largest shareholder in Provexis.
For more analysis and insight on venture funding by chemical companies, look for the 13 October Innovation issue of ICIS Chemical Business magazine
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