Solazyme, Inc., which uses its industrial biotech platform to transform plant-based sugars into tailored oils, announced terms for its IPO on Friday. The South San Francisco, CA-based company plans to raise $160 million by offering 10 million shares at a price range of $15 to $17. At the mid-point of the proposed range, Solazyme, Inc. will command a market value of $991 million. Solazyme, Inc., which was founded in 2003 and booked $38 million in sales for the 12 months ended December 31, 2010, plans to list on the NASDAQ under the symbol SZYM. Morgan Stanley and Goldman, Sachs & Co. are the lead underwriters on the deal, which is expected to price during the week of May 23.