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 IngredionIngredion 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 AmyrisAmyris (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.
SOURCES Amyris, Inc.
Investor Contact: Argot PartnersDawn
Schottlandtamyris@argotpartners.com+1 (212) 600-1902
Amyris, Inc.Paul Vincent, Vice President, Strategic Finance and
Treasuryvincent@amyris.com+1 (510) 450-0761
Media Contact:Amyris, Inc.Beth
Bannermanbannerman@amyris.com+1 (510) 914-0022
Investor Contact: Ingredion, Inc.Tiffany
Willistiffany.willis@ingredion.com708-551-2592
Media Contact: Ingredion, Inc.Becca
Harybecca.hary@ingredion.com708-551-2602
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