Dive Brief:
- Amyris successfully auctioned off four of its brands — Pipette, Biossance, 4U and MenoLabs — amid its Chapter 11 bankruptcy, according to a court filing Friday.
- Biossance is set to be bought by Cult Beauty and Dermstore owner THG beauty for $20 million, with Ayala Cove Bidco listed as the backup bidder. Meanwhile, mother and baby skin care brand Pipette is set to be acquired by HRB Brands for $1.75 million, with a backup bid of $1.73 million from AA Investments Limited. MenoLabs has been sold to Dr. Reddy’s Laboratories for $3 million and hair care brand 4U — founded by celebrity Tia Mowry — is set to be bought by Scent Theory Products along with the other named successful bidders for $600,000.
- The deadline to object to any of the proposed sales was extended to Dec. 11 at 12 p.m. EST, according to a court filing Monday.
Dive Insight:
Amyris’ latest news indicates it has found a home some of its brands after filing for bankruptcy earlier this year.
The company’s portfolio also includes hair care brand JVN (founded by Jonathan Van Ness), makeup brand Rose Inc. (founded by Rosie Huntington-Whiteley) and menopause wellness brand Stripes (founded by Naomi Watts).
Amyris filed for Chapter 11 bankruptcy in August with plans to restructure the business by selling off several of its consumer products brands. The parent company discontinued four other brands ahead of its bankruptcy filing. At the time of its filing, the company also announced plans to lay off 260 employees, following a round of layoffs in June impacting another 148 employees.
Amyris in its bankruptcy filing listed between $500 million and $1 billion in assets and between $1 billion and $10 billion in liabilities. Foris Ventures agreed to provide $190 million of debtor-in-possession financing to support continued operations.
Amyris in June announcd CEO and President John Melo resigned from his positions after 16 years at the company. CFO Han Kieftenbeld was appointed interim chief executive officer and took on the role in conjunction with the chief finance position.
