Benzinga | Sep 10, 2021 07:43AM EDT

Codexis, Merck Extend Supply Pact For Enzyme Used To Manufacture Sitagliptin

* Codexis Inc (NASDAQ:CDXS) has amended and extended its agreement with Merck & Co Inc (NYSE:MRK) to license and supply a proprietary enzyme used to manufacture sitagliptin.

* Sitagliptin is an active pharmaceutical ingredient (API) in Merck's two anti-diabetic medications, Januvia and Janumet.

* Codexis and Merck leveraged Codexis' CodeEvolver enzyme engineering platform technology to design an enzyme to serve as a biocatalyst in the sitagliptin manufacturing process.

* In 2012 Codexis and Merck entered into a supply agreement for the enzyme and in 2015 signed a multi-year extension, which was to expire in February 2022.

* The subsequent extension and amendment are for the license and supply of the proprietary enzyme through December 31, 2026.

* The extension can be renewed for an additional five years.

* Price Action: CDXS stock closed at $27.07 on Thursday, while MRK stock is up 0.56% at $74.23 during the premarket session on the last check Friday.