Dyadic International, a global biotechnology, has entered into a long-term research, development and license agreement with a key provider of animal nutritional solutions throughout the world (the "Commercial Partner"), to develop, manufacture and commercialize animal feed enzyme products.
Under the agreement, the Commercial Partner will continue its successful research cooperation with Dyadic's R&D subsidiary, Dyadic Netherlands, and utilize Dyadic's patented and proprietary C1 platform technology to develop fungal strains that will produce high levels of enzymes for feed applications.
As part of this agreement, Dyadic has granted the Commercial Partner a worldwide license to use the developed C1 fungal strains to manufacture and sell animal feed enzyme products. Dyadic will receive an upfront access fee and be eligible to receive a commercial milestone payment as well as royalties based on the Commercial Partner's worldwide sales of products which utilize the C1 technology platform.
In accordance with Dyadic's confidentiality obligations under the agreement, no additional information on the identity of the Commercial Partner or the terms of the agreement can be disclosed.
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