Entry into a Material Definitive Agreement.
On July 26, 2021, Dyadic International, Inc. ('Dyadic' or the 'Company') entered into (i) a Sale and Purchase of Shares Agreement under which the Company agreed to sell its equity interest in Biotechnology Developments for Industry, S.L. (the 'BDI Agreement'), and (ii) a Sale and Purchase of Shares Agreement under which the Company agreed to sell its equity interest in VLP The Vaccine Company, S.L.U. (the 'VLP Agreement' and together with the BDI Agreement, the 'BDI Sale'). After taking into account the adjustments for transaction and legal expenses, payments to the Company were approximately 1.3 million euros in connection with the closing of the BDI Sale.
In connection with the BDI Sale, on July 26, 2021, the Company also entered into an amendment to the Service Framework Agreement (the 'Amended SFA') with Biotechnology Development for Industry in Pharmaceuticals, S.L.U ('BDI Pharma'). Under the Amended SFA, the Company maintains the right to engage in research and development projects at BDI Pharma until June 30, 2025, with the non-compete term extending to June 30, 2030, without any other material terms and conditions changed.
The BDI Sale and the Amended SFA, were previously approved by Dyadic's Board of Directors.
The foregoing descriptions of the BDI Agreement, the VLP Agreement and the Amended SFA are only summaries of the material terms thereof, do not purport to be complete and are qualified in their entirety by reference to the full text of the agreements, which are filed as Exhibits 10.1, 10.2 and 10.3 to this Current Report on Form 8-K and incorporated by reference herein.