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SAB Biotherapeutics (SABS) sets 5-year, $36M post-approval SAB-142 manufacturing pact

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

SAB Biotherapeutics, Inc. entered into a Master Manufacturing Services Agreement with Emergent BioSolutions Canada Inc. for clinical and commercial production of its SAB-142 product at Emergent’s Canadian facility. The agreement becomes a long-term framework once SAB-142 receives U.S. FDA approval.

After any FDA approval, the agreement runs for five years and includes a minimum aggregate spend of $36 million over that post-approval term. Emergent has the exclusive right to manufacture SAB-142 during the term, while SAB Biotherapeutics may use alternative sources only when Emergent cannot or declines to supply.

The agreement includes multiple termination rights, including for insolvency, non-payment, material breach, mutual agreement, or extended force majeure. If Emergent terminates due to SAB Biotherapeutics’ insolvency, non-payment, or material breach, SAB Biotherapeutics must pay Emergent an amount equal to the minimum annual aggregate spend for each remaining calendar year, less saved costs.

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Insights

Long-term exclusive manufacturing deal for SAB-142 with post-approval spend commitment.

The agreement gives SAB Biotherapeutics defined clinical and commercial manufacturing support for SAB-142 through Emergent’s Canadian facility. It triggers a five-year term only after any U.S. FDA approval, tied to a minimum aggregate spend of $36 million for that period.

This structure aligns manufacturing capacity with regulatory success, but also creates future financial commitments and dependence on a single supplier. Termination provisions are detailed, and if Emergent ends the agreement for insolvency, non-payment, or material breach, SAB Biotherapeutics must pay remaining minimum annual spends, less saved costs.

Exclusivity gives Emergent the sole right to manufacture SAB-142, while SAB Biotherapeutics can turn to alternative sources only when Emergent cannot or declines to produce specified quantities. This emphasizes counterparty performance risk and makes regulatory and operational execution around SAB-142 particularly important to the program’s long-term economics.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Minimum aggregate spend $36 million Aggregate spend commitment following any FDA approval over five-year term
Agreement effective date April 28, 2026 Master Manufacturing Services Agreement commencement date
Commercial term length Five years Duration from date SAB-142 obtains FDA approval
Non-payment cure period 30 days Time after written notice to cure undisputed payment failure
Material breach cure period 30–90 days Standard 30 days, extendable up to 90 days if diligently pursued
Force majeure threshold 90 consecutive days Force majeure preventing performance before 30-day termination notice right
Master Manufacturing Services Agreement financial
"entered into a Master Manufacturing Services Agreement (the “MSA”) with Emergent BioSolutions Canada Inc."
minimum aggregate spend financial
"with a minimum aggregate spend following any FDA approval equal to $36 million."
force majeure financial
"upon thirty (30) days’ notice if a force majeure event prevents performance for ninety (90) consecutive calendar days."
Force majeure is a legal concept that refers to unexpected events beyond anyone’s control, such as natural disasters, war, or severe disruptions, that prevent a party from fulfilling their obligations. It matters to investors because it can delay or cancel agreements, affecting the timing and certainty of financial transactions and obligations. Essentially, it acts as a shield for parties facing unforeseen, uncontrollable problems.
Emerging growth company regulatory
"Emerging growth company Item 1.01 Entry into a Material Definitive Agreement."
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
forward-looking statements regulatory
"Certain statements made ... are forward-looking statements for purposes of the safe harbor provisions"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2026

 

 

SAB BIOTHERAPEUTICS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39871

85-3899721

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

777 W 41st St

Suite 401

 

Miami Beach, Florida

 

33140

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 305 845-2813

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common stock, $0.0001 par value per share

 

SABS

 

The Nasdaq Stock Market LLC

Warrants, each exercisable for one share of Common Stock

 

SABSW

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 1.01 Entry into a Material Definitive Agreement.

On April 28, 2026 (the “Effective Date”), SAB Biotherapeutics, Inc., a Delaware corporation (the “Company” or “SAB BIO”) entered into a Master Manufacturing Services Agreement (the “MSA”) with Emergent BioSolutions Canada Inc. (“Emergent”). Pursuant to the MSA, Emergent will perform clinical and commercial manufacturing and related services for the Company with respect to SAB-142 (the “Product”) at Emergent’s facility in Canada.

The MSA commences on the Effective Date and continues for a period of five (5) years from the date the Product obtains approval from the United States Food and Drug Administration (“FDA”), with a minimum aggregate spend following any FDA approval equal to $36 million. The parties may mutually agree to extend the term by execution of an amendment at any time prior to its expiration. The MSA may be terminated: (i) by either party immediately upon an insolvency or bankruptcy event; (ii) by Emergent immediately if the Company fails to pay undisputed amounts within thirty (30) days after written notice; (iii) by either party for material breach, subject to a cure period of thirty (30) days (or up to ninety (90) days if diligently pursued); (iv) by mutual written agreement; or (v) by either party upon thirty (30) days’ notice if a force majeure event prevents performance for ninety (90) consecutive calendar days. Upon termination by Emergent for the Company’s insolvency, non-payment, or material breach, the Company must pay Emergent an amount equal to the minimum annual aggregate spend for each remaining calendar year of the term, less saved costs.

The applicable batch price and fees for commercial manufacturing services will be agreed upon in a subsequent amendment to the MSA. Development services pricing will be set forth in individual statements of work executed by the parties. Pricing is subject to annual adjustments.

Emergent has the sole and exclusive right to manufacture the Product during the term of the MSA. The Company may contract with a third party to establish an alternative manufacturing source. The Company may purchase from an alternative source in limited circumstances and in all cases, only in quantities that Emergent is unable or declines to manufacture.

The MSA includes customary mutual confidentiality obligations.

The foregoing description of the MSA does not purport to be complete and is qualified in its entirety by reference to the full text of the MSA, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Forward-Looking Statements

Certain statements made in this Current Report on Form 8-K that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “to be,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events, including statements about potential FDA approval and the future development of SAB-142 and the Company’s other product candidates.

These statements are based on the current expectations of SAB BIO and are not predictions of actual performance, and are not intended to serve as, and must not be relied on, by any investor as a guarantee, prediction, definitive statement, or an assurance, of fact or probability. These statements are only current predictions or expectations, and are subject to known and unknown risks, uncertainties and other factors which may be beyond our control. Actual events and circumstances are difficult or impossible to predict, and these risks and uncertainties may cause our or our industry’s results, performance, or achievements to be materially different from those anticipated by these forward-looking statements. A further description of risks and uncertainties can be found in the sections captioned “Risk Factors” in our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, as may be amended or supplemented from time to time, and other filings with or submissions to, the U.S. Securities and Exchange Commission. Except as otherwise required by law, SAB BIO disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events, or circumstances or otherwise.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number

Description

10.1

Master Manufacturing Services Agreement, dated as of April 28, 2026, by and between SAB Biotherapeutics, Inc. and Emergent BioSolutions Canada Inc.*

104

Cover Page Interactive Data File-the cover page XBRL tags are embedded within the Inline XBRL document.

*As permitted by Regulation S-K, Item 601(b)(10)(iv)of the Securities Exchange Act of 1934, as amended, certain confidential portions of this exhibit have been redacted from the publicly filed document.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

SAB Biotherapetuics, Inc.

 

 

 

 

Date:

May 4, 2026

By:

/s/ Samuel J. Reich

 

 

 

Samuel J. Reich
Chief Executive Officer

 


FAQ

What agreement did SAB Biotherapeutics (SABS) enter into with Emergent BioSolutions Canada?

SAB Biotherapeutics signed a Master Manufacturing Services Agreement with Emergent BioSolutions Canada to provide clinical and commercial manufacturing of SAB-142 at Emergent’s Canadian facility, creating a structured framework for production tied to future regulatory milestones and long-term supply arrangements.

How long will the SAB Biotherapeutics and Emergent manufacturing agreement last?

The agreement’s main commercial term begins once SAB-142 receives U.S. FDA approval and then runs for five years. The parties may also mutually agree to extend the term later by signing an amendment, giving flexibility for longer-term collaboration if both sides choose.

What is the $36 million minimum spend in the SAB Biotherapeutics (SABS) deal?

Following any FDA approval of SAB-142, SAB Biotherapeutics must achieve a minimum aggregate spend of $36 million over the five-year term. This commitment applies to manufacturing and related services provided by Emergent, tying future spending obligations to successful regulatory approval.

When can the SAB Biotherapeutics–Emergent agreement be terminated?

The agreement can be terminated for insolvency or bankruptcy events, for non-payment of undisputed amounts after notice, for material breach with a cure period, by mutual written consent, or if force majeure prevents performance for a prolonged period, offering several defined exit scenarios for both parties.

What financial obligation does SAB Biotherapeutics face if Emergent terminates for default?

If Emergent terminates due to SAB Biotherapeutics’ insolvency, non-payment, or material breach, SAB Biotherapeutics must pay Emergent an amount equal to the minimum annual aggregate spend for each remaining calendar year of the term, reduced by Emergent’s saved costs from not performing those services.

Is Emergent the exclusive manufacturer of SAB-142 under the SAB Biotherapeutics agreement?

Yes. Emergent has the sole and exclusive right to manufacture SAB-142 during the agreement term. SAB Biotherapeutics may only use alternative manufacturing sources in limited cases, and then only for quantities Emergent is unable or declines to manufacture for the company.

Filing Exhibits & Attachments

2 documents