Corbion has entered into a "stalking horse" stock and asset purchase agreement with TerraVia, a company with a platform centred on microalgae, offering a cash purchase price of approximately $20 million.
Corbion has entered into a "stalking horse" stock and asset purchase agreement with TerraVia, a food and specialty ingredients company with a platform centred on ingredients and branded products derived from microalgae.Corbion offered a cash purchase price of approximately $20 million. As TerraVia's operations are currently loss making, Corbion expects the total financial commitments to be substantially in excess of the cash purchase price.San Francisco-based TerraVia leverages its microalgae platform to deliver high-value ingredients with clear benefits, such as Omega-3 for animal nutrition and tailored oils, structured fats and proteins for food and biochemical applications. It operates an R&D centr in San Francisco, and two manufacturing facilities: one wholly-owned in Peoria, Illinois and one in Brazil in a joint venture (50.1% owned by TerraVia) with Bunge. The acquisition of TerraVia's microalgae platform would extend Corbion's product portfolio into algae-based fatty acids and proteins, while leveraging Corbion's extensive fermentation and downstream processing capabilities.