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Dutch ingredients giant puts in offer for bankrupt TerraVia

The micro algae producer is partnering with BioMar to provide a new algae-based feed to salmon farmer Ventisqueros.

The Netherlands-based ingredients giant Corbion made a $20 million (€16.9 million) offer to buy TerraVia, the ingredients company partnering with BioMar on its algae-based feed, which filed for bankruptcy Wednesday, according to documents filed in a Delaware court.

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Corbion has entered into a "stalking horse" stock and asset purchase agreement with the company, who produces a diverse product range based on production of microalgae.

The transaction is subject to the receipt of any higher offers from other potential bidders in an auction process as part of the Section 363 sale. 

TerraVia operates an R&D center in San Francisco, and two manufacturing facilities: one wholly-owned in Peoria, Illinois and one in Brazil in a joint venture (50.1 percent 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.

TerraVia filed a voluntary petition under Chapter 11 of the US Bankruptcy Code on Aug. 2. The auction process and transaction closing are expected to conclude within 60 to 90 days.

The company, which has an 86 page long list of debtors filed with the court, was formerly known as Solazyme.

Aquaculture feed giant BioMar is working in collaboration with TerraVia to produce algae-based feed for Chilean salmon farmer Ventisqueros, and had announced a similar contract with Leroy in Norway for the sale of the algae-based feed.

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