olazyme, Inc. and Roquette Frères, S.A. have announced their intentions to dissolve their joint venture, Solazyme Roquette Nutritionals, LLC, in accordance with their Joint Venture and Operating Agreement dated November 3, 2010, by and between Roquette and Solazyme. The parties expect the formal dissolution to occur in the coming weeks.
Solazyme Roquette Nutritionals sought to commercialize microalgae-sourced, nutrition-focussed ingredients. The decision to terminate the joint venture was driven by divergent views on an acceptable commercial strategy and timeline for the manufacturing and marketing of joint venture products. As a result, Solazyme intends to accelerate commercialization of its suite of innovative microalgal food ingredients.
The Joint Venture and Operating Agreement was filed by Solazyme with the Securities and Exchange Commission as Exhibit 10.10 to Amendment No. 2 to its Form S-1 Registration Statement on April 13, 2011.
In a statement released by Roquette June 24, 2013, the global starch producing company “has been a believer in microalgae as a raw material since 2008, and it is well positioned to independently continue with the development of non-genetically modified, innovative microalgae-sourced ingredients for nutritional applications. Roquette has invested significant resources and know-how in the commercialization of the microalgae-based food ingredients and remains committed to meeting market demands, while aligning the timing of its market launch and financial resources with its overall business objectives.”