Amyris raises $60 million in private placement

In California, Amyris announced it entered into agreement for the sale of convertible notes in a private placement for up to $60 million in cash proceeds. Under the terms of the agreement, one of Amyris’s largest stockholders, Temasek, agreed to purchase $35 million of the notes in an initial tranche and, at Amyris’s election, up to $25 million in a second tranche. Both tranches are subject to Amyris’s satisfaction of closing conditions, including stockholder approval of the transaction at an upcoming special meeting of stockholders.

The purchase agreement for the offering contemplates the sale of senior convertible promissory notes in two tranches—one of $35 million in initial principal amount and one of $25 million in initial principal amount.