The parties have signed a binding term sheet, and a definitive agreement is in process and is expected to be executed within the next month pending standard closing conditions.

ImmunityBio has invested significantly in developing world leading DNA and RNA vaccine production capacity and will be responsible for the manufacturing of the vaccine once human trials are successfully completed in South Africa. Amyris will contribute its world leading next-generation RNA technology licensed from the Infectious Disease Research Institute (IDRI). Amyris will also provide sustainable squalene, an organic compound used to produce the vaccine.

Upon completion of successful human trials, the joint-venture's goal is to deliver one billion doses of the new vaccine in 2022 addressing the unmet needs of access to vaccines in developing countries and other regions of the world, addressing cold-chain and durability challenges facing the world today.

"The opportunity to expand our vaccine technology platform is exciting and important in order to address pandemic preparedness," said Patrick Soon-Shiong, M.D., Global Chief Medical and Scientific Officer and Executive Chairman of ImmunityBio. "We look forward to the rapid clinical development of this next-generation vaccine of self-amplifying RNA which could reduce the dose needed and address supply chain shortages."

"We are very pleased to partner with Dr. Patrick Soon-Shiong and his team at ImmunityBio," said John Melo, President and Chief Executive Officer of Amyris. "This is a team that clearly understands the need for RNA infrastructure and made a bet early. The combination of the ImmunityBio manufacturing platform and our RNA technology can be the real difference maker for COVID-19. Our mission is to have a vaccine that is accessible to all people in the world and one that delivers the highest level of efficacy without the cold chain supply chain requirements. The early data is very promising and leads us to believe this will be the first and best performing second generation COVID-19 vaccine. The world needs a real sustainable solution for COVID-19 and other respiratory diseases that are likely to face us in the future. The pandemic is far from over for many people and we are committed to making a real difference."