GIVAUDAN TO ACQUIRE PORTFOLIO OF MAJOR COSMETIC INGREDIENTS FROM AMYRIS AND TO ESTABLISH STRATEGIC PARTNERSHIP FOR NATURAL, SUSTAINABLY SOURCED INGREDIENTS FOR THE BEAUTY INDUSTRY

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Feb 22, 2023, 06:00 ET

The bio-based sustainable blockbuster ingredients Squalane, Hemisqualane and Cleanscreen as well as development of future cosmetic ingredients from Amyris will accelerate both companies' leadership in biofermentation-based chemistry for the beauty industry.

EMERYVILLE, Calif., Feb. 22, 2023 /PRNewswire/ -- As part of its 2025 strategy to provide new and superior product offerings to expand its Active Beauty business, Givaudan, the global leader in fragrance & beauty innovation, today announces that it has reached an agreement to acquire certain cosmetic ingredients from Amyris, Inc. (Nasdaq: AMRS), including Neossance^® Squalane, the highest performant emollient, Neossance^® Hemisqualane, the plant-based silicone alternative and CleanScreen, the sustainable sun protector.

Givaudan and Amyris have signed a long-term partnership agreement under which Amyris will continue to manufacture ingredients for Givaudan to use in cosmetics, as well as provide access to their innovation capabilities. Givaudan will become the commercialization partner for future sustainable beauty ingredients.

Amyris is a leading biotechnology company accelerating the world's transition to sustainable consumption through its Lab-to-Market^™ technology platform in Beauty, Health & Wellness and Flavors & Fragrances markets. Amyris and Givaudan have a significant partnership to leverage the value of Amyris' technology platform for designing, scaling and manufacturing the best performing biofermented ingredients.

Maurizio Volpi, President Fragrance & Beauty, commented: "I am delighted about this transaction, which fits perfectly with our 2025 strategic ambitions to develop our Active Beauty business while leveraging our biotechnology leadership in partnership with Amyris' expertise. In the future, we will continue to push the boundaries of biotech, creating new sustainable innovations for a better Beauty future."

"We share the same values with Givaudan, offering sustainable consumer products to improve peoples' lives while protecting the environment," said John Melo, Amyris President and Chief Executive Officer. "Today we are reaching a major new step in our commercial partnership that we are very proud of. Our technology and biomanufacturing capabilities deliver truly differentiated sustainable ingredients that are what consumers are demanding and enable our partners to lead in their markets. This transaction is a major step forward in funding our growth and enabling us to reach operating profitability."

Markus Rassmann, Head of Active Beauty, said: "Today, we have the widest offering of biotech cosmetic ingredients on the market. We are proud to expand our Active Beauty portfolio with these key active cosmetic ingredients Neossance^® Squalane, Neossance^® Hemisqualane and Cleanscreen coming from our long-standing partner Amyris. They represent unique added value in answering our customers' expectations for innovative, sustainable and efficient beauty solutions."

The terms of the deal include a combination of an upfront cash consideration and a performance based earnout, along with a long-term manufacturing agreement. Further details have not been disclosed and Givaudan plans to fund the transaction from existing resources. Amyris' active cosmetic ingredients business would have represented approximately USD 30 million of incremental sales to Givaudan's results in 2022 on a proforma basis. Closing of the transaction is subject to customary review and approvals from the relevant regulatory authorities.

About Amyris
Amyris (Nasdaq: AMRS) is a leading synthetic biotechnology company, transitioning the Clean Health & Beauty and Flavors & Fragrances markets to sustainable ingredients through fermentation and the company's proprietary Lab-to-Market^™ technology platform. This Amyris platform leverages state-of-the-art machine learning, robotics and artificial intelligence, enabling the company to rapidly bring new innovation to market at commercial scale. Amyris ingredients are included in over 20,000 products from the world's top brands, reaching more than 300 million consumers. Amyris also owns and operates a family of consumer brands that is constantly evolving to meet the growing demand for sustainable, effective and accessible products. For more information, please visit http://www.amyris.com.

About Givaudan
Givaudan is a global leader in Fragrance & Beauty and Taste & Wellbeing. We celebrate the beauty of human experience by creating for happier, healthier lives with love for nature. Together with our customers we deliver food experiences, craft inspired fragrances and develop beauty and wellbeing solutions that make people look and feel good. In 2022, Givaudan employed almost 16,700 people worldwide and achieved CHF 7.1 billion in sales with a free cash flow of 6.7% of sales. With a heritage that stretches back over 250 years, we are committed to driving long-term, purpose-led growth by improving people's health and happiness and increasing our positive impact on nature. This is Givaudan. Human by nature. Discover more at www.givaudan.com.

About Givaudan Fragrance & Beauty
Givaudan Fragrance & Beauty craft inspired fragrances to perfume lives and memories, and develop innovative beauty and wellbeing solutions that make people look and feel good all over the world. Nature is both our responsibility and our most precious muse. We are just as committed to sustainability as we are to creating innovative products that satisfy consumer needs and anticipate their desires. With a collaborative approach that favours co-creation, we have built a diverse portfolio across personal care, fabric care, hygiene, home care, fine fragrances, and beauty, reflecting our multidisciplinary expertise. This is Givaudan. Human by nature. Learn more at www.givaudan.com/fragrance-beauty.

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 future events, such as Amyris' expectations regarding the closing of the transaction with Givaudan and the financial benefits and timing thereof. 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' liquidity and ability to fund operating and capital expenses, risks related to its financing activities, risks related to potential delays or failures in completing and integrating planned acquisitions, risks related to potential delays or failures in development, regulatory approval, launch, production and commercialization of products, risks related to global inflation and policy measures undertaken to address inflation, the COVID-19 pandemic and any other geopolitical events, including Russia's invasion of Ukraine, resulting in global economic, financial and supply chain disruptions that may negatively impact Amyris' business operations and financial results or cause market volatility, risks related to Amyris' reliance on third parties particularly in the supply chain, 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.

SOURCE Amyris, Inc.