A Swedish biotech developing a diabetes vaccine said it will trade cash and equity for the protein production services of Meriden’s Protein Sciences Corp.
Protein Sciences, which sells an eggless influenza vaccine, said it will receive a cash payment and a 2 percent ownership stake in Diamyd Medical in exchange for its proprietary manufacturing services. The amount of the cash payment was not disclosed.
Protein Sciences will make Diamyd Medical’s recombinant GAD glutamic acid decarboxylase protein for Diamyd’s upcoming late stage clinical trials for type 1 diabetes.
The 400,000 shares will make Protein Sciences one of Diamyd’s largest shareholders.
