Vybion Signs Agreement in Principle to Sell Line of Recombinant Proteins to Meridian Bioscience
ITHACA, N.Y. -- Vybion, Inc., an Ithaca-based biotechnology company, today announced that it has executed a letter of intent to sell its recombinant protein business to Meridian Bioscience, Inc. (NASDAQ: VIVO). The planned transaction, which both Vybion and Meridian expect will be completed within the next 60 days, calls for Vybion to receive both cash and future royalties based on sales of the applicable products, the amounts of which were not disclosed. Completion of the transaction is subject to execution of a definitive purchase agreement, satisfactory due diligence, and other customary conditions.
Dr. Lee Henderson, founder and CEO of Vybion, explained "This is an excellent opportunity for both companies. For Vybion it means that we can focus and internally fund proprietary activities, namely moving CoMab, our monoclonal antibody preclinical drug for Cocaine abuse, forward and commercialize our ProCode Platform technology.