Aridis Pharma enters option agreement with Serum Institute of India
US biopharma firm Aridis Pharmaceuticals (Nasdaq: ARDA) announced today that it has entered into an option agreement with the Serum International BV (SIBV), an affiliate of Serum Institute of India, the world's largest vaccine manufacturer by dose units.
The agreement grants SIBV the option to license multiple programs from Aridis and access the company's 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 which represents approximately 31% premium to yesterday's closing share price. In addition, 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.
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