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Biobased Chemicals

Biobased chemical maker Amyris seeks to right financial ship

by Michael McCoy
June 9, 2023 | A version of this story appeared in Volume 101, Issue 19

 

The biobased chemical maker Amyris says it is embarking on a restructuring, advised by the consulting firm PwC, that is intended to cut costs by $250 million. Amyris uses fermentation to produce consumer product ingredients such as patchouli and cannabigerol. The firm recently sold its business in squalane and other cosmetic ingredients to Givaudan for up to $350 million, but it continues to lose money. Two lenders to Amyris, Foris Ventures and the chemical maker DSM, have waived defaults on their loans.

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