San Jose, CA headquartered Aridis Pharmaceuticals entered into an option agreement with Serum International BV (SIBV), — an affiliate of Pune-based Serum Institute of India, Ltd., — the world’s largest vaccine manufacturer by dose units. The deal grants SIBV the option to license multiple programs from Aridis and access its MabIgX platform technology for asset identification and selection.
As part of the option agreement, SIBV made an equity investment of $10 million whereby Aridis will issue 801,820 shares of its restricted common stock to SIBV at a price of approximately $12.47 per share. Additionally, Aridis received an upfront cash payment of $5 million upon execution of this option agreement and will receive an additional $10 million upon execution of the license agreement by August 31, 2019. The upfront payment is refundable should the parties not complete the license agreement.
SIBV has the option to collaborate with Aridis to utilize MabIgX to identify and advance up to 5 wholly-owned programs for the treatment of infectious diseases of import to the developing world.
“I am pleased to reach agreement for a comprehensive licensing relationship with the Serum Institute, who has built formidable capabilities in monoclonal antibody development and manufacturing as part of its plan to expand into biotherapeutics and transition to a major global biotechnology company,” commented Vu Truong, Ph.D., chief executive officer of Aridis Pharmaceuticals.
