Amyris buys Draths

I guess you could call this Halloween a nice treat for Michigan-based Draths Corporation as the blog found Amyris’ intention in an October 28 filing notice at the US Security and Exchange Commission to buy Draths for an undisclosed sum.

Draths, if readers don’t know this company yet, has the fermentation technology to produce renewable-based monomers from muconic acid that can lead to production of 100% bio-based polymer such as nylon and PET. The company’s product portfolio includes bio-based terephthalic acid (PTA), caprolactam, adipic acid and hexamethylene diamine (HMDA).

The company just said in June that it was planning to scale up its bio-PTA for polyethylene terephthalate (PET) to 1,000 kilograms in 2012 and commercial production of around 100m kg by 2015. The same timeline and scale was planned for bio-caprolactam for the manufacture of polyamide 6.

The blog wonders if that goal will be accelerated with Amyris’ acquisition. Amyris already raised $7m in an equity sale as “partial consideration for purchase of all of Drath’s assets.” I’m guessing Amyris will formally announced this acquisition in its third quarter conference call tomorrow (November 1).

Unfortunately, the tricks are all on Drath’s 38 employees, which has been laid off since the company disclosed the acquisition on October 18 when the Lansing State Journal broke the news. According to LSJ, Drath’s CEO Dex Brown will not be staying with the company

A Draths employee also announced the sale of some of the company’s remaining assets including a wide range of  lab equipments on a LinkedIn group since October 17. There might be some left for those who are interested.

Here are some of Draths’ intellectual property by the way.

Leave a Reply