Synthetic biotechnology company Amyris has announced that it will be filing for Chapter 11 bankruptcy.
According to a press release, the business will undergo financial restructuring “intended to improve the company’s cost structure, capital structure and liquidity position while streamlining Amyris’ business portfolio to focus on its core competencies in R&D and the scale-up, commercialisation and applications development of its sustainable ingredients derived through biofermentation.”
Amyris is best known for its Lab-to-Market technology platform and owns well-known brands JVN, by celebrity hair stylist Jonathan Van Ness, textured hair care product 4U by Tia, by actress Tia Mowry and beauty brand Rose Inc., created by model Rosie Huntington Whiteley.
Amyris also owns the cult brand Biossance, a skincare range that uses squalane — a 100% plant-derived antioxidant.
The business is planning to “exit its consumer brands and will begin marketing them for sale with a view to having these brands continue to leverage its cutting-edge science and technology while under new ownership.”
Amyris has a total debt of US$1.3 billion. Thankfully, existing lender Foris Ventures will provide US$190 million to help continue the business’s day-to-day operations. Amyris will continue to operate during the sale process via its retail partners and e-commerce platforms.
