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myris, Inc. (Nasdaq: AMRS), the industrial bioscience company, today announced that it has expanded its strategic partnership with a global nutraceuticals market leader. The new agreement represents a significant expansion in expected revenue compared to the prior agreement announced on April 27, 2016, and includes the addition of a new nutraceutical target, a credit line of up to $25 million with a 5-year maturity, and an option for a $5-million strategic investment from one of the world’s leading nutraceuticals manufacturers.
Amyris has already started large shipments of farnesene as part of its earlier announced supply agreement with this partner, for which Amyris has become an essential part of its highly disruptive technology to capture market share. The partner is nearing completion of a dedicated manufacturing facility to convert Amyris’s farnesene and expand volume production over time.
This agreement and the related processing technology for the farnesene building block will enable a significant cost advantage within a large global market for what will now be two agreed on global products used daily by many for nutritional benefit. This is a significant achievement consistent with Amyris’s mission to help its customers do better while doing better for the planet. Demand for global nutritional products continues to grow at a much faster pace than GDP and supplying these products from sustainable sources at a lower cost than currently possible is critical for the growing population of the world.
Amyris now expects 2017 revenue for the first targeted product of around $40 million and anticipated revenues from the expanded partnership are expected to average over $70 million annually beyond 2017. This expansion is expected to lead to the second molecule to be supplied by Amyris in 2019 into a market that is approximately the same size as the first agreement. These agreements demonstrate the leadership position of Amyris as the only company in industrial biotechnology to produce multiple molecules at a single industrial fermentation facility and with one of the strongest contracted product pipelines in the sector.
Due to the competitive nature of this market both parties have agreed to keep the targeted products and the customer’s name confidential. The expansion of the partnership is subject to obtaining required approvals.
“We’re very pleased with our achievement to date and the significant expansion of our partnership. This relationship continues to be based on our ability to provide our partners with low-cost, high-performance farnesene that can provide them with a competitive advantage while enabling them to grow sustainably,” said John Melo, President & CEO of Amyris. “This expanded partnership agreement further transitions us to a more broadly diversified portfolio of high performance, sustainable ingredients to some of the world’s fastest-growing markets and a global leader in low cost, high performance ingredients for the nutraceuticals market.”
