Anyris, Inc

Amyris Files For Bankruptcy as Part of Its Strategic Transformation Plan

Facing financial challenges, Amyris turns to Chapter 11 proceedings while advancing its commitment to sustainable biotech solutions
Funding & Investments
August 10, 2023

Amyris, Inc, a premier synthetic biotechnology firm promoting global sustainable consumption through its Lab-to-Market™ technology and clean beauty brands, has unveiled plans for an operational and financial reconfiguration. This move aims to enhance its current strategic pivot, setting the Company on a trajectory for sustained prosperity.

This reconfiguration aims to enhance Amyris's financial standing, reduce costs, and refine its business direction, emphasizing its primary skills in R&D. This will also facilitate the growth, commercialization, and application of its eco-friendly ingredients produced via biofermentation.

To implement this reconfiguration, Amyris, along with some domestic subsidiaries, have initiated voluntary Chapter 11 processes in the U.S. Bankruptcy Court for the District of Delaware. However, their international entities are excluded from this action.

Simultaneously, to further its restructuring objectives and amplify asset value, Amyris intends to divest from its consumer brands. The plan is to market these brands, ensuring they still benefit from Amyris's advanced scientific and technological contributions under the new proprietorship. Throughout the sale, Amyris will sustain these brands' operations, encompassing retail collaborations and online sales platforms.

Supporting its ongoing operations during this period, Amyris has secured a $190 million financial commitment from an entity connected to Foris Ventures. This funding, contingent on Court endorsement and the relevant budget, will ensure liquidity, allowing Amyris to honor its commitments to its esteemed staff, clients, associates, and suppliers.

Han Kieftenbeld, Interim CEO and CFO of Amyris commented, "Amyris, with its 20-year legacy, has been at the forefront of synthetic biology ingredient creation, achieving significant market traction, especially through our trailblazing Lab-to-Market™ tech, rapid product introductions, and state-of-the-art scientific and production facilities. We've been diligently formulating a strategy over recent months to optimize costs, heighten operational efficiency, and secure steady growth. Today's decision is a strategic move, laying a foundation for overcoming fiscal challenges, pivoting on Amyris's innovative science and technology."

Mr. Kieftenbeld further remarked, "Our vision of establishing ourselves as the industry's top biotech firm remains undeterred. We're enthused about Amyris's future, backed by our team's consistent performance in realizing synthetic biology's potential. Post-restructuring, we foresee a revitalized Amyris with a sharpened business approach and a clear route to profitability. Consequently, we'll be better positioned for sustained growth, deepening our partnerships, and amplifying our positive global footprint through eco-friendly chemistry."

To guarantee a seamless transition into Chapter 11, Amyris has presented a set of standard motions to the Court. This includes sustaining regular operations and honoring its commitments, such as employee remuneration and customer programs. Additionally, the Company plans to compensate vendors for post-filing goods and services as per usual practices.

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