Givaudan SA (SWX:GIVN) entered into an agreement to acquire Certain Cosmetic Ingredients of Amyris, Inc. for $350 million on February 21, 2023. Givaudan and Amyris have signed a long-term partnership agreement under which Amyris will continue to manufacture ingredients for Givaudan to use in cosmetics. The terms of the deal include a combination of an upfront cash consideration and a performance based earnout.

The Givaudan paid total consideration of $200 million in cash at closing and up to $150 million in earn-out payments over three years. Givaudan plans to fund the transaction from existing resources. Closing of the transaction is subject to customary review and approvals from the relevant regulatory authorities and any applicable waiting period under the HSR Act shall have expired or been terminated.

The transaction is expected to close in the first half of 2023. Michael Dorf and Cassandra Cuellar of Shearman & Sterling LLP acted as legal advisor to Certain Cosmetic Ingredients of Amyris, Inc. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Givaudan.