Dyadic Stock Jumps On Development Pact With Sorrento For Diagnostics & Therapies For Coronaviruses

Dyadic International Inc DYAI and Sorrento Therapeutics Inc SRNE have announced a binding term sheet for a License Agreement to develop and commercialize vaccines, therapeutics, and diagnostics for coronaviruses, including Dyadic's lead COVID-19 vaccine candidate, DYAI-100.
DYAI-100 is produced using Dyadic's proprietary and patented C1-cell protein production platform.
Dyadic is entitled to receive an up-front payment of $10 million in cash and Sorrento stock, up to $4 million in reimbursements for development costs incurred for the DYAI-100 vaccine, and up to $33 million in milestone payments. Sorrento will incur all future development costs related to this license.
Sorrento will obtain exclusive rights in North and South America, Europe, major Asian countries (including Greater China and Japan), and certain other countries.
The companies will outline the final terms of the license in a definitive agreement.
Price Action: DYAI shares closed higher by 47.08% at $5.28, while SRNE stock closed up by 0.68% at $8.91 on Wednesday.