Benzinga | Aug 30, 2021 04:15PM EDT

Cytek Biosciences Says On Aug. 25 Entered Into Supply Agreement With Coherent; Coherent To Sell, Supply To Co Laser Products

On August 25, 2021, Cytek Biosciences, Inc. and Cytek (Wuxi) Biosciences Co., Ltd, a China subsidiary of Cytek Biosciences, Inc. (together, "Cytek") entered into a Supply Agreement (the "Agreement") with Coherent NA, Inc. ("Coherent"). Pursuant to the Agreement, Coherent has agreed to sell and supply to Cytek, on a non-exclusive basis, laser products manufactured by Coherent. Cytek will provide Coherent with rolling forecasts of Cytek's anticipated orders, which are non-binding. Cytek does not have a minimum purchase obligation pursuant to the Agreement. Purchase orders submitted by Cytek pursuant to the terms of the Agreement will be deemed accepted upon writing acknowledgement of acceptance by Coherent.

The Agreement has an initial term of three years and will automatically renew for a subsequent one-year period unless either party provides written notice of non-renewal at least four (4) months prior to the expiration of the initial term. The Agreement may be terminated prior to the end of its term upon the occurrence of certain specified events. The Agreement also sets forth additional terms and conditions relating to, among others, representations and warranties, order cancellation, indemnification, insurance, product delivery, intellectual property rights, liability and product specifications.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the Agreement, which will be filed as an exhibit to Cytek's Quarterly Report on Form 10-Q for the quarter ending September 30, 2021.