Reinach, Switzerland, 13 January 2011 – Evolva Holding SA (SIX: EVE) today announced that it has entered into a collaboration and joint development agreement with International Flavors & Fragrances Inc. (IFF), one of the world’s leading creators and manufacturers of flavors and fragrances for consumer products. The objective of the collaboration is to implement a commercially viable biosynthetic route for the production of a key flavoring ingredient.
Under the multi-year agreement, IFF will fund research and development activities at Evolva, focused primarily on the pathway and yield stages of the program through the scale-up and manufacturing phases. During the collaboration, approximately ten full-time equivalents per year are expected to work on the program. Evolva will receive an upfront technology access fee as well as monthly research fees. In addition, Evolva will receive milestone payments upon achieving certain goals in terms of yield and production volumes. The access fee and the milestone payments will be mid single-digit (USD million) amounts. IFF will commercialize the resulting product and Evolva will receive a royalty on product sales based on both margin and volume.
Neil Goldsmith, CEO & Managing Director of Evolva, said “After FOSU and Abunda, this is our third collaboration in the food ingredient space within a year. We’re very pleased that our synthetic biology platform is increasingly being recognized as useful to design and optimize production routes for products in health and nutrition. We’re looking forward to working with IFF, one of the leading players in the area of flavors and fragrances.”
About Evolva Holding SA
Evolva is an international, innovative synthetic biology company with a world-class research platform. Evolva strives to improve people’s lives by applying its technology and other resources to the discovery and development of new products and processes that benefit the health, well-being and financial economy of patients, consumers and partner companies around the world. Evolva uses biosynthetic and evolutionary technologies to artificially create and optimise small molecule compounds and their production routes. Our approach differs from that of the mainstream in the pharmaceutical and chemical industries. We have discovery partnerships ongoing both in pharma and industrial areas. In addition, we have a pipeline of promising compounds aimed at infectious and cardio-renal indications.
For more information see www.evolva.com.
International Flavors & Fragrances Inc. (NYSE: IFF) is a leading global creator of flavors and fragrances used in a wide variety of consumer products and packaged goods. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, confectionery and food products. The Company leverages its competitive advantages of brand understanding and consumer insight, combined with its focus on R&D and innovation, to provide customers with differentiated product offerings. A member of the S&P 500 Index, IFF has sales, manufacturing and creative facilities
in 32 countries worldwide.
For more information, please visit our website at www.iff.com.
Neil Goldsmith, CEO Jakob Dynnes Hansen, CFO Paul Verbraeken, IR
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