LUDWIGSHAFEN, Germany and JUPITER, Fla., May 15, 2013 /PRNewswire/ -- BASF (BAS.DE) and Dyadic International, Inc. ("Dyadic") (OTC Pink: DYAI) announced today that the two Companies have entered into a non-exclusive worldwide research and license agreement.
Under the terms of the agreement, BASF will be able to use Dyadic's patented and proprietary C1 platform technology to develop, produce, distribute and sell industrial enzymes in certain fields for a variety of applications. BASF will fund research and development at Dyadic's research lab in The Netherlands. In addition to this funding, BASF has agreed to pay Dyadic a $6 million upfront license fee, and certain research and commercial milestone fees, as well as royalties upon commercialization.
"Dyadic's C1 technology will strengthen BASF's position in the industrial enzyme industry," said Dr. Carsten Sieden, Senior Vice President Fine Chemicals and Biocatalysis Research, BASF. "We expect this license agreement with Dyadic to result in promising long-term opportunities."
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "Empowering BASF, the world's leading chemical company, with our C1 technology provides them with access to a commercially-proven industrial enzyme production platform. In using its vast resources to develop, manufacture and sell new products from the C1 platform, BASF will have business opportunities for a variety of markets, including animal and human nutrition. This transaction will have long-lasting effects on the industrial enzyme businesses of both Dyadic and BASF."
Emalfarb concluded, "Dyadic looks forward to working with BASF and utilizing our C1 technology for the expression of next-generation enzyme products for a range of applications. This collaboration is yet another example of Dyadic's ability to leverage our technologies in a variety of industries."
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of €72.1 billion in 2012 and more than 110,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).
Further information on BASF is available on the Internet at www.basf.com.
Dyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, industrial enzyme and biopharmaceutical industries. Dyadic utilizes an integrated technology platform based on its patented and proprietary C1 fungus which enables the development and large scale manufacture of low cost proteins and enzymes for diverse market opportunities. The C1 platform technology can also be used to screen for the discovery of novel genes and proteins. Dyadic actively pursues licensing arrangements and other commercial opportunities to leverage the value of these technologies by providing its partners and collaborators with the benefits of manufacturing and/or utilizing the enzymes which these technologies help produce. Please visit Dyadic's website at www.dyadic.com.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Dyadic's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.