Solabia Group Acquires Israeli Biotech Company Algatech

Solabia Group (incorporated as Societe La Biochimie Appliquee SA), a French producer of natural ingredients for the cosmetic and pharmaceutical industries, has acquired Israeli biotech company Algatech, the latter announced Wednesday. The companies did not disclose the terms of the deal.

Incorporated as Algatechnologies Ltd., the Israeli company cultivates microalgae and produces natural astaxanthin, which is used as a nutritional additive and in the cosmetics industry. Algatech was founded in 1998 in Ketura, a kibbutz in southern Israel. The company employs 70 people.