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1.37 MB
Extraction Summary
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People
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Organizations
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Quotes
Document Information
Type:
Financial research report / investment analysis
File Size:
1.37 MB
Summary
This document is page 20 of a Cowen 'Collaborative Insights' financial research report dated February 25, 2019. It details the scientific process of biosynthetic cannabinoid production via fermentation and highlights a specific February 2019 business deal where Amyris signed a partnership valued at up to $255 million with an 'undisclosed partner.' The document bears a 'HOUSE_OVERSIGHT' Bates stamp, indicating it was part of a document production to the U.S. House Oversight Committee.
People (1)
| Name | Role | Context |
|---|---|---|
| Michael Cella | Recipient |
Email address michael.cella@cowen.com appears in the watermark/sidebar indicating the intended recipient of the report.
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Organizations (3)
| Name | Type | Context |
|---|---|---|
| Cowen |
Investment bank/financial services firm producing the report (Cowen and Company).
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| Amyris |
Biotech company mentioned in relation to a $255MM partnership deal.
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| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT_024836'.
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Locations (1)
| Location | Context |
|---|---|
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Mentioned generally in the context of cannabis legalization.
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Relationships (2)
Signed agreement valued at up to $255MM for cannabinoid development.
Watermark states report is intended for him.
Key Quotes (2)
"In February 2019, Amyris announced that it has signed an agreement for cannabinoid development, licensing, and commercialization in a partnership valued at up to $255MM... with an undisclosed partner."Source
HOUSE_OVERSIGHT_024836.jpg
Quote #1
"This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited."Source
HOUSE_OVERSIGHT_024836.jpg
Quote #2
Full Extracted Text
Complete text extracted from the document (2,381 characters)
COWEN
COLLABORATIVE INSIGHTS
February 25, 2019
COLLABORATIVE INSIGHTS
February 25, 2019
iii. Various combinations of the aforementioned precursors then combine in the third pathway to yield parent cannabinoid molecules (e.g., cannabigerolic acid or CBGA).
iv. These parent cannabinoids are then modified in the fourth pathway to produce cannabinoids such as tetrahydrocannabinolic acid (THCA) and cannabidiolic acid (CBDA). These acids can be transformed into a non-acid form using synthases, producing the terminal cannabinoid form.
Figure 11 Biosynthetic Cannabinoid Production Pathways
[Diagram showing chemical pathways: Glucose -> G3P -> Pyruvate -> Acetyl-CoA -> TCA Cycle -> DVA -> OA -> GPP -> NPP -> CBGA -> THCA/CBDA/CBCA -> THC/CBD/CBN/CBC/CBG]
Source: Cowen and Company
[Diagram showing chemical pathways: Glucose -> G3P -> Pyruvate -> Acetyl-CoA -> TCA Cycle -> DVA -> OA -> GPP -> NPP -> CBGA -> THCA/CBDA/CBCA -> THC/CBD/CBN/CBC/CBG]
Source: Cowen and Company
Cannabinoid Production Using Fermentation
To power the aforementioned pathways, water and glucose (or a cannabinoid substrate) are added to the microbe (e.g., yeast) in a bioreactor. Under fermentation, the yeast will consume the glucose and produce the desired cannabinoid.
To power the aforementioned pathways, water and glucose (or a cannabinoid substrate) are added to the microbe (e.g., yeast) in a bioreactor. Under fermentation, the yeast will consume the glucose and produce the desired cannabinoid.
This culture is incubated for ~3-5 days to produce sufficient cannabinoid intermediaries. Afterwards, the fermentation mixture is separated and combined with a non-toxic solvent to extract and purify the cannabinoids.
Recent Cannabinoid Partnerships In Synthetic Biology
With the recent legalization of cannabis in several countries and U.S. states and growing acceptance of its utility, many recent notable partnerships have been created on the potential of synthetic cannabinoid production. We highlight two such agreements from the past few months below.
With the recent legalization of cannabis in several countries and U.S. states and growing acceptance of its utility, many recent notable partnerships have been created on the potential of synthetic cannabinoid production. We highlight two such agreements from the past few months below.
Amyris / Undisclosed Partner (February 2019; Valued Up to $255MM)
In February 2019, Amyris announced that it has signed an agreement for cannabinoid development, licensing, and commercialization in a partnership valued at up to $255MM (not including royalties for commercial products) with an undisclosed partner. The $255MM in payments include an upfront payment and the remainder is linked to milestones that are expected over the next 12-36 months. The partner is expected to provide initial, lab-based and later commercial-scale milestone cash payments in tranches for the development and scaling of technology to produce CBD.
In February 2019, Amyris announced that it has signed an agreement for cannabinoid development, licensing, and commercialization in a partnership valued at up to $255MM (not including royalties for commercial products) with an undisclosed partner. The $255MM in payments include an upfront payment and the remainder is linked to milestones that are expected over the next 12-36 months. The partner is expected to provide initial, lab-based and later commercial-scale milestone cash payments in tranches for the development and scaling of technology to produce CBD.
[Right Sidebar Text]
This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited.
This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited.
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HOUSE_OVERSIGHT_024836
COWEN.COM
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