Amyris Successfully Meets Technical Milestones of Phase 1 R&D Development
IFF Commits to Phase 2 to Reduce Supply Volatility of Critical Ingredients for the Fragrance Industry
NEW YORK and EMERYVILLE, Calif., Feb. 25, 2014 (GLOBE NEWSWIRE) -- International Flavors & Fragrances Inc. (NYSE:IFF), a leading global creator of flavors and fragrances for consumer products, and Amyris (Nasdaq:AMRS), a leading renewable products company, today announced completion of the first phase of their collaboration to develop a specific set of renewable fragrance ingredients and agreement to move forward with the second phase of development." As we near the first anniversary of our collaboration with Amyris, we are delighted to launch the next phase of the project," said Nicolas Mirzayantz, IFF Group President, Fragrances. " This arrangement supports our long-term strategy, which focuses on both innovation and portfolio maximization. In our 125-year history, we have been market leaders in the area of innovation and this recent work with Amyris reflects our continuing commitment to lead in this area. We believe that the creation of cost-effective molecules will have a positive impact on our Fragrance Ingredients business as well as the creative capabilities of our Fragrance compounds business." " We are extremely pleased with the success in our collaboration with IFF and are optimistic about the prospect for scaling up new fragrance compounds using our technology platform," said John Melo, Amyris President & CEO. In April 2013, IFF and Amyris agreed to develop a sustainable, cost-effective and reliable source of key fragrance ingredients. The parties have agreed to pursue the second phase of development. As previously disclosed, under the terms of the multi-year agreement, IFF will have exclusive rights to the renewable fragrance ingredients developed for applications in the flavors and fragrances sector, and Amyris will have exclusive rights in other sectors.