On Dyadic web site it gives at least partial grounds for the breach: as it is written CDXS can use the non-exclusive rights in "Biofuels (limited to Shell as Codexis' exclusive partner)". Very specific and enumerated in the licensing and Collaborations section of the Web site. So CDXS seeking other partners or alternate arrangements has to have Dyadic approval. Resolution? $'s and rewriting the agreement.
RB, then this should be amicably resolved...albeit with a firm nudge/legal threat from DYAI that will dictate a higher royalty rate for smaller deals than Codexis might achieve with a Shell sized entity.
More likely they have a poorly written contract with a key business partner who should pay more for what they now want to do but refuses to do so, so Dyadic, who wont spend a few bucks to get audited current financials and get relisted because they want to keep costs down is now undertaking what could be a huge legal expense to quarrel with a friend.
Bigger deal with a bigger player? What are you smoking? Havent you noticed that the bigger players have all backed AWAY from biofuels?