U2-backed food science firm Nuritas signs deal with German company
Food science firm Nuritas will enter into a new partnership with German-based BASF Human Nutrition that will see the German group produce and sell the Irish company's bioactive peptides.
The initial part of the deal will see Nuritas grant an exclusive, royalty-based licence to BASF to sell one of its existing peptide products.
Nuritas uses data technology to find molecules in food and food by-products which are then placed into drugs to treat specific illnesses.
The second part of the collaboration will involve the discovery of new peptides.
The deal represents a major step forward for Nuritas, which was founded by Dr Nora Khaldi in 2014.
Dr Khaldi is a Trinity College trained mathematician who set about developing natural and scientifically proven ingredients to manage and improve health.
In October last year, the company won the Nutrition Capital Network Venture event which recognised it as the most innovative new ingredient company on the market in 2016.
The company also received EU funding for the development of a peptide that could help cut the risk of diabetes.
Last month, Nuritas secured Bono and The Edge as investors.
BASF is a German chemical giant that specialises in the provision of nutrition.
The company has subsidiaries in over 80 countries around the world and employs around 112,000 people.
BASF recorded revenues in excess of €70bn in 2015.
"We are delighted to be working with a company of BASF's status, global reach and business acumen in their quest to deliver sustainable, and highly impactful health ingredients,"said Emmet Browne, Nuritas ceo.
"As a young, disruptive company this agreement further accelerates our vision of improving the lives of billions of people worldwide through the predicted discovery of bioactive peptides," Mr Browne added.