THE WHAT? Amyris, a bankrupt biotech company, has auctioned off four of its beauty brands to various buyers.
THE DETAILS Biossance, a skincare brand centered around squalane, was sold to THG Beauty for $20 million. Scent Theory Products bought the hair care brand 4U By Tia for $600,000, while Dr. Reddy’s Labs acquired the women’s health and technology company Menolabs for $3 million. The clean baby care brand Pipette was purchased by HRB Brands for $1.75 million. Amyris, known for its sustainable beauty ingredients and collaborations with celebrities, filed for bankruptcy in August.
THE WHAT? These sales are part of Amyris’ bankruptcy proceedings to pay off its debts. Despite its innovative approach in the beauty sector, Amyris faced financial challenges, leading to the divestiture of these assets. The company’s other brands, such as Stripes, Rose Inc., and JVN, are still awaiting potential sales or closure. Furthermore, Francisco Costa made a bid for his brand Costa Brazil, and acquired assets of Onda Beauty through an auction. These developments are part of the ongoing reorganisation of Amyris’ business following its bankruptcy.