LONDON (Alliance News) - Intellectual property consultancy Frontier IP Group PLC said on Tuesday it has taken a 25% holding in Portuguese firm Des Solutio.
Des Solution develops "safer and greener" alternatives to the chemicals currently used in the beauty, pharmaceutical, and personal care markets.
Frontier IP, which gave no financial details of the purchase, said the move is a further sign of the company's "growing momentum" in Portugal, and represents its second venture in the country.
The first was with the Faculty of Science & Technology within the University of Lisbon, signed in September 2016 and as part of which Frontier IP works with the faculty to develop and commercialise its intellectual property.
Chief Executive Neil Crabb said: "We're very excited about the possibilities for Des Solutio. The technology being developed by Ana Rita Duarte and Alexandre Paiva has already attracted interest from major multinationals.
"Its incorporation as our second Portuguese spin out is further sign of our growing strength in the country."
Duarte and Paiva of the University of Lisbon's School of Science & Technology are developing the technology, Frontier IP said.
Shares were untraded on Tuesday, last quoted at a price of 66.49 pence each.
Frontier Ip (FIPP)