Amyris files for bankruptcy as it explores sale of consumer brands

Biotech firm Amyris, the parent company of JVN and Rose Inc, has filed for Chapter 11 bankruptcy and is looking to offload its consumer brands to help position the company for long-term success.

The restructuring hopes to improve the company's cost structure, capital structure, and liquidity position to help "streamline its business portfolio to focus on core competencies in R&D and the scale-up, commercialisation, and applications development of its sustainable ingredients derived through biofermentation".

To facilitate the restructuring, Amyris has commenced voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware. Its entities outside the US are not included in the process.

As part of this, the company is planning to offload its consumer brands, including JVN by Queer Eye star Jonathan Van Ness and Rose Inc. by model Rosie Huntington-Whiteley.

It will now begin marketing the brands for sale, with a view of having them continue to leverage Amyris' science and technology while under new ownership.

As the sale process progresses, Amyris will continue to operate the consumer brands, including through retail partners and their e-commerce platforms.

It has also secured a $190 million financing commitment to support day-to-day operations, helping the company to uphold its commitments to employees and other stakeholders during the process.

Han Kieftenbeld, Interim CEO and CFO of Amyris, said: "Over the past months, we have been hard at work on a strategic transformation plan to reduce costs, improve operational effectiveness, and achieve sustainable growth.

"We believe the step forward our company has taken puts us on the best path to address our financial challenges and achieve a comprehensive solution – rooted in Amyris' ground-breaking science, formulation capabilities, and technology."

"Our aspiration to become the most efficient and productive biotechnology company in our industry has not changed.

"At the end of this restructuring process, we believe that Amyris will emerge as a financially stronger company with a more focused business model and well-defined path to profitability."