Amyris Inc., the biotechnology company part-owned by Total SA, will sell as much as $60 million in convertible notes to Temasek Holdings Pte.
Temasek will buy $35 million of notes in an initial tranche and later may purchase an additional $25 million of notes, Emeryville, California-based Amyris said today in a statement. The first tranche is expected to close next month. The second may be issued at the company’s discretion within two years of the agreement, depending on meeting certain milestones at a Brazil production site.
Amyris reported a second-quarter net loss of $38.9 million, or 51 cents a share, compared with $46.8 million, or 81 cents, from a year earlier, according to a statement today. Five analysts surveyed by Bloomberg had estimated a quarterly loss of 43 cents a share.
Amyris uses genetically modified microorganisms to convert plant-sugars into farnesene, a hydrocarbon that can be processed into fuels or specialty chemicals. Total, France’s largest oil producer, owns 18 percent of the company, according to data compiled by Bloomberg. Temasek is the second-largest shareholder.