EMERYVILLE, Calif.,
March 31, 2021 /PRNewswire/
-- Amyris, Inc. (Nasdaq: AMRS), a leading synthetic
biotechnology company active in the Clean Health and Beauty markets
through its consumer brands and a top supplier of sustainable and
natural ingredients, today announced that it has signed and closed
an agreement with DSM Nutritional Products Ltd., a subsidiary of
Royal DSM (AEX: DSM) for the exclusive rights to supply Amyris's
product portfolio of flavor and fragrance (F&F) ingredients.
Amyris will continue to develop, scale and manufacture future
molecules with its existing partners and DSM.
The total transaction value is estimated at over $500 million from short and long-term
contributions with approximately 1/3 as an upfront payment at
closing, more than 1/3 from potential earn-out payments based on
milestones over the three year period from 2022 through 2024, and
the remainder attributable to a 15-year manufacturing agreement
between Amyris and DSM and the expected value of developing and
scaling a pipeline of new F&F molecules through collaboration
agreements.
Amyris will continue to develop, scale-up and produce all
existing ingredients in its F&F portfolio with the support of
DSM and Amyris's current F&F partners. Amyris's F&F
partners have extended their current R&D collaboration
agreements by 15 years to accelerate the development of future
F&F ingredients. DSM will be responsible for the commercial
relationship with Amyris's current partners. The parties expect
that the combination of DSM's market reach and Amyris's proprietary
synthetic biology and fermentation platform will accelerate the
industry's transition to clean, sustainable chemistry.
"DSM is a critical strategic partner for Amyris and understands
the unique capabilities of our technology," said John Melo, President and Chief Executive Officer
of Amyris. "This is our largest strategic transaction to date and
further validates the significant value our product portfolio
delivers. Consumers are increasingly demanding clean and
sustainable chemistry that delivers the highest purity and
performance for the products they purchase. Both of our companies
are deeply committed to accelerating adoption of clean chemistry
across the largest and fastest-growing product categories in the
world. This transaction and our first quarter performance are
expected to deliver almost half of our total expected sales revenue
for the full year 2021."
The completion of this F&F transaction combined with the
previously consummated Farnesene transaction in December 2020 delivers close to $200 million in upfront cash payments with the
expected earn-out payments positioned to support our planned growth
over the next few years. BNP Paribas Securities Corp. acted as the
exclusive financial advisor to Amyris on the transaction.
About DSM
Royal DSM is a global, purpose-led, science-based company active in
Nutrition, Health and Sustainable Living. DSM's purpose is to
create brighter lives for all. DSM addresses with its products and
solutions some of the world's biggest challenges while
simultaneously creating economic, environmental and societal value
for all its stakeholders – customers, employees, shareholders, and
society at large. DSM delivers innovative solutions for human
nutrition, animal nutrition, personal care and aroma, medical
devices, green products and applications, and new mobility and
connectivity. DSM and its associated companies deliver annual net
sales of about €10 billion with approximately 23,000 employees. The
company was founded in 1902 and is listed on the Euronext
Amsterdam.
About Amyris
Amyris (Nasdaq: AMRS) is a science and technology leader in the
research, development and production of sustainable ingredients for
the Clean Health & Beauty and Flavors & Fragrances markets.
Amyris uses an impressive array of exclusive technologies,
including state-of-the-art machine learning, robotics and
artificial intelligence. Our ingredients are included in over 3,000
products from the world's top brands, reaching more than 200
million consumers. Amyris is proud to own three consumer brands -
all built around its No Compromise® promise of clean ingredients:
Biossanceâ clean beauty skincare, Pipetteâ clean baby
skincare and Purecane™, a zero-calorie sweetener naturally derived
from sugarcane. For more information, please visit
www.amyris.com.
Forward-Looking Statements
This release contains
forward-looking statements, and any statements other than
statements of historical fact could be deemed to be forward-looking
statements. These forward-looking statements include, among other
things, statements regarding Amyris's plans to develop, scale and
produce all of the existing F&F ingredients with the support of
DSM and Amyris's current F&F partners; expectations that the
combination of DSM's market reach and Amyris's proprietary
synthetic technology and fermentation platforms will accelerate the
industry's transition to clean, sustainable chemistry; expectations
regarding the total transaction value including potential earn-outs
and payments from future supply and collaboration arrangements to
support planned growth and the potential of generating meaningful
future cash flow from the transaction; expectations regarding the
contribution of the DSM transaction and first quarter performance
toward Amyris's total expected sales revenue for the full year
2021. These statements are based on management's current
expectations, and actual results and future events may differ
materially due to risks and uncertainties, including risks related
to Amyris's liquidity and ability to fund operating and capital
expenses, risks related to potential delays or failures in
development, regulatory approval, production and commercialization
of products, risks related to Amyris's reliance on and
collaboration with third parties (including related to development,
supply and commercialization), risks related to Amyris's ability to
achieve the expected benefits (commercial, financial or otherwise)
from the strategic transaction with DSM, and other risks
detailed from time to time in filings Amyris makes with the
Securities and Exchange Commission, including Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. Amyris disclaims any obligation to update information
contained in these forward-looking statements, whether as a result
of new information, future events, or otherwise.
Amyris, the Amyris logo, No Compromise, Biossance, Pipette, and
Purecane are trademarks or registered trademarks of Amyris, Inc. in
the U.S. and/or other countries.
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SOURCE Amyris, Inc.