15 May 2013 14:56 [Source: ICIS news]
LONDON (ICIS)--Germany’s BASF has agreed a non-exclusive worldwide research and license agreement for enzymes with US-based biotechnology firm Dyadic International, the companies said on Wednesday.
Under the deal, BASF will use Dyadic's patented and proprietary C1 fungus platform technology to develop, produce, distribute and sell industrial enzymes for a variety of applications, they said in a joint statement.
BASF will fund research and development at Dyadic's research lab in the Netherlands.
In addition, BASF agreed to pay Dyadic a $6m (€4.6m) upfront license fee, certain research and commercial milestone fees, as well as royalties upon commercialisation.
BASF said that the cooperation with Dyadic would strengthen its position in the industrial enzyme industry.
According to information on Dyadic’s website, the company’s C1 fungus enables development and large-scale production of low-cost enzymes and other proteins.
($1 = €0.77)
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