Dyadic to License COVID Vaccine Candidate, Technology to Sorrento

 

• Sorrento to obtain exclusive rights in North and South America, Europe, major Asian countries (including Greater China and Japan) and certain other countries to utilize Dyadic’s C1 technology for the development and commercialization of vaccines, therapeutic antibodies, protein therapeutics, and diagnostics for coronaviruses, including DYAI-100, Dyadic’s lead COVID-19 vaccine candidate
  

• Exclusivity is subject to Sorrento’s timely achievement of certain development milestones

• Expands Sorrento’s extensive COVID-19 programs and corporate mission to develop novel vaccines and therapeutic treatments for unmet needs

• Consideration includes a $10 million up-front payment ($5 million in cash and $5 million in Sorrento stock), reimbursement of certain DYAI-100 R&D expenses, with potential for multiple future development milestones and royalty payments

https://finance.yahoo.com/news/dyadic-sorrento-announce-binding-term-123500450.html