BASF and Dyadic International have entered into a non-exclusive worldwide research and license agreement.
As per the terms of the agreement, BASF will use Dyadic's patented and proprietary C1 platform technology to develop, manufacture, distribute and sell industrial enzymes in certain fields for a variety of applications.
BASF has agreed to pay Dyadic a $6m upfront license fee, and certain research and commercial milestone fees, as well as royalties upon commercialization apart from funding research and development at Dyadic's research lab in the Netherlands.
BASF Fine Chemicals and Biocatalysis Research senior vice president Carsten Sieden said that Dyadic's C1 technology will strengthen the company's position in the industrial enzyme industry.
Dyadic president and CEO Mark Emalfarb said that empowering BASF with its C1 technology provides BASF 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," Emalfarb added.
