EMERYVILLE, Calif. and WESTCHESTER, Ill., May
3, 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 an agreement with Ingredion Incorporated (NYSE: INGR), a
leading global ingredient solutions provider to the food and
beverage industry, for the exclusive licensing of Amyris's
zero-calorie, nature-based, fermented Reb M sweetener. In addition,
the agreement includes an Ingredion minority ownership stake in the
Amyris Brazilian manufacturing facility that is currently under
construction.
- The combination of Amyris's leading synthetic biology
technology platform to develop, scale and produce
fermentation-based products with Ingredion's global market and
customer reach, formulation capabilities and commercial teams will
accelerate the availability and adoption of zero-calorie,
nature-based sweeteners and other clean labeled fermentation-based
food ingredients to the world's leading food and beverage
companies.
- Ingredion, via its PureCircle subsidiary, will become the
exclusive global business-to-business commercialization partner for
Amyris's sugar reduction technology that includes fermented Reb
M.
- The parties will enter into an R&D collaboration agreement to
create and advance the development of sustainably sourced,
zero-calorie, nature-based sweeteners and potentially other types
of fermentation-based food ingredients.
- Ingredion will become a minority partner in the Amyris
Brazilian manufacturing facility that is currently under
construction.
- Amyris will continue to own and market its Purecane™
consumer brand offering of tabletop and culinary sweetener
products.
The transaction value is estimated to be $100 million. This includes $75 million for the exclusive license to sell and
market Reb M from fermentation plus a contribution for a
participation in the Brazil
manufacturing joint venture. Additionally, Amyris will earn a
profit share from Reb M sales.
"We are excited by the addition of this breakthrough ingredient
to our sugar reduction portfolio, which complements our PureCircle
stevia product line and will allow us to provide our customers with
the broadest selection of nature-based, high-intensity sweeteners
on the market," said Jim Zallie,
Ingredion's president and chief executive officer. "Our partnership
with Amyris positions Ingredion well to meet our customers'
increasing demand for quality ingredients that will drive
transformational change in the food industry."
"We are very much looking forward to this new partnership.
Ingredion's sales channel, global reach and commercial capabilities
will complement our leadership in developing, scaling and producing
some of the best clean, sustainable molecules in the world," said
John Melo, President and Chief
Executive Officer of Amyris. "Our business model is delivering on
the promise of synthetic biology; ingredients, such as Reb M from
fermentation, create significant value and enable us to support the
continued growth in our consumer business while maintaining our
sector leadership in the supply of natural, sustainably sourced,
ingredients."
The parties expect to close the transaction, which is subject to
customary closing conditions, in the second quarter.
About Ingredion
Ingredion Incorporated (NYSE: INGR)
headquartered in the suburbs of Chicago, is a leading global ingredient
solutions provider serving customers in more than 120 countries.
With 2020 annual net sales of $6
billion, the company turns grains, fruits, vegetables and
other plant-based materials into value-added ingredient solutions
for the food, beverage, animal nutrition, brewing and industrial
markets. With Ingredion Idea Labs® innovation
centers located around the world and approximately 12,000
employees, the Company co-creates with customers and fulfills its
purpose of bringing the potential of people, nature and technology
together to make life better. Visit ingredion.com for
more information and the latest Company news.
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: Biossance® clean beauty
skincare, Pipette® clean baby skincare and
Purecane™, a zero-calorie sweetener naturally derived from
sugarcane. For more information, please visit www.amyris.com.
Forward-Looking Statements
For Ingredion:
This news release contains or may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Ingredion intends these forward-looking
statements to be covered by the safe harbor provisions for such
statements.
Forward-looking statements include, among others, any statements
regarding Ingredion's future prospects or financial condition,
revenues, profits, investments and research and development
activities, cash flows, expenses or other financial items, any
statements concerning Ingredion's future operations, including
management's plans or strategies and objectives therefore, and any
assumptions, expectations or beliefs underlying the foregoing.
These statements can sometimes be identified by the use of
forward-looking words such as "may," "will," "should,"
"anticipate," "assume," "believe," "plan," "project," "estimate,"
"expect," "intend," "continue," "pro forma," "forecast," "outlook,"
"propels," "opportunities," "potential," "provisional," or other
similar expressions or the negative thereof. All statements other
than statements of historical facts in this news release or
referred to in or incorporated by reference into this news release
are "forward-looking statements."
These statements are based on current circumstances or
expectations, but are subject to certain inherent risks and
uncertainties, many of which are difficult to predict and beyond
our control. Although we believe our expectations reflected in
these forward-looking statements are based on reasonable
assumptions, investors are cautioned that no assurance can be given
that our expectations will prove correct.
Actual results and developments may differ materially from the
expectations expressed in or implied by these statements, based on
various factors, including the impact of COVID-19 on the demand for
our products and our financial results; changing consumption
preferences relating to high fructose corn syrup and other products
we make; the effects of global economic conditions and the general
political, economic, business, and market conditions that affect
customers and consumers in the various geographic regions and
countries in which we buy our raw materials or manufacture or sell
our products, including, particularly, economic, currency, and
political conditions in South
America and economic and political conditions in
Europe, and the impact these
factors may have on our sales volumes, the pricing of our products
and our ability to collect our receivables from customers; future
financial performance of major industries which we serve and from
which we derive a significant portion of our sales, including,
without limitation, the food, beverage, animal nutrition, and
brewing industries; the uncertainty of acceptance of products
developed through genetic modification and biotechnology; our
ability to develop or acquire new products and services at rates or
of qualities sufficient to gain market acceptance; increased
competitive and/or customer pressure in the corn-refining industry
and related industries, including with respect to the markets and
prices for our primary products and our co-products, particularly
corn oil; the availability of raw materials, including potato
starch, tapioca, gum Arabic, and the specific varieties of corn
upon which some of our products are based, and our ability to pass
along potential increases in the cost of corn or other raw
materials to customers; energy costs and availability, including
energy issues in Pakistan; our
ability to contain costs, achieve budgets, and realize expected
synergies, including with respect to our ability to complete
planned maintenance and investment projects on time and on budget
and realize expected savings under our Cost Smart program as well
as with respect to freight and shipping costs; the behavior of
financial and capital markets, including with respect to foreign
currency fluctuations, fluctuations in interest and exchange rates
and market volatility and the associated risks of hedging against
such fluctuations; our ability to successfully identify and
complete acquisitions or strategic alliances on favorable terms as
well as our ability to successfully integrate acquired businesses
or implement and maintain strategic alliances and achieve
anticipated synergies with respect to all of the foregoing;
operating difficulties at our manufacturing facilities; the impact
of impairment charges on our goodwill or long-lived assets; changes
in our tax rates or exposure to additional income tax liability;
our ability to maintain satisfactory labor relations; the impact on
our business of natural disasters, war, or similar acts of
hostility, threats or acts of terrorism, the outbreak or
continuation of pandemics such as COVID-19, or the occurrence of
other significant events beyond our control; changes in government
policy, law, or regulation and costs of legal compliance, including
compliance with environmental regulation; potential effects of
climate change; security breaches with respect to information
technology systems, processes, and sites; our ability to raise
funds at reasonable rates and other factors affecting our access to
sufficient funds for future growth and expansion; volatility in the
stock market and other factors that could adversely affect our
stock price; risks affecting the continuation of our dividend
policy; and our ability to remediate in a timely manner a material
weakness in our internal control over financial reporting.
Our forward-looking statements speak only as of the date on
which they are made and we do not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of the statement as a result of new
information or future events or developments. If we do update or
correct one or more of these statements, investors and others
should not conclude that we will make additional updates or
corrections. For a further description of these and other risks,
see "Risk Factors" and other information included in our Annual
Report on Form 10-K for the year ended December 31, 2020 and in our subsequent reports
on Forms 10-Q and 8-K.
For Amyris:
The forward-looking statements contained herein include, among
other things, Amyris's expectations regarding the value of the
transaction including from future profit share and the benefits and
synergies of the transaction with Ingredion, including acceleration
of the adoption of zero-calorie, nature-based sweeteners and other
clean labeled fermentation-based food ingredients to the world's
leading food and beverage companies; and Amyris's expectation that
its natural, sustainably sourced ingredients will support its
business model to create significant value and support the
continued consumer business growth while maintaining its sector
leadership in ingredients supply. These statements are based on
Amyris management's current expectations and actual results and
future events may differ materially due to risks and uncertainties,
including risks related to realizing the expected benefits of
strategic partnerships and collaborations; potential delays or
failures in successfully closing the transaction with Ingredion;
potential delays or failures in development, production, regulatory
approval and commercialization of products; Amyris's reliance on
third parties (including in supply chain and manufacturing);
Amyris's liquidity and ability to fund operating and capital
expenses; 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.