Amyris Announces Acquisition of OLIKA
Amyris, Inc. (AMRS), a leader in the development of sustainable ingredients through synthetic biotechnology, announced the acquisition of OLIKA Inc., a clean wellness company. The terms of the deal were not disclosed.
Shares of the company gained 3.8% in Wednesday’s trading session and marginally in the extended trading session.
John Melo, CEO of Amyris said, “We are pleased to welcome the OLIKA brand and team to our consumer portfolio. The addition of OLIKA alongside Pipette, our baby, mother and family brand, provides us with a great opportunity to expand our offering and lead the sector in clean hand sanitizing and household cleaning products. We continue to take our proprietary lab-to-market science and technology direct to the consumer by combining our best-in-class natural, sustainably-sourced ingredients with distinctive consumer-inspired brands.” (See Amyris stock chart on TipRanks)
Recently, HSBC analyst Sriharsha Pappu initiated a Buy rating on the stock, with a price target of $20 (26.4% upside potential).
According to the analyst, the company has an “innovative bio-based platform” that develops and sells novel molecules through brand and ingredient sales. Further, the analyst believes that increasing demand for bio-based materials bodes well for the company.
Consensus among analysts is a Strong Buy based on 3 Buy ratings. The average analyst AMRS price target of $26.67 implies 68.6% upside potential from current levels. Shares have gained 310.9% over the past year.
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