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Biotech / Medical : DYAX: Dyax Corp.

DYAX 38.41

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Jan 25 4:00 PM EST

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From: nigel bates	5/14/2002 9:05:07 AM
	of 197

Dyax Announces Collaboration With AstraZeneca On Antibody Discovery and Optimization CAMBRIDGE, Mass.--(BW HealthWire)--May 14, 2002--Dyax Corp. (Nasdaq: DYAX - News) announced today a collaboration and license agreement with AstraZeneca PLC (NYSE: AZN - News) that involves Dyax's proprietary antibody phage display technology and an undisclosed neurological and metabolic disease target of AstraZeneca. Under the terms of the agreement, Dyax and AstraZeneca will conduct a research program under which Dyax will use its antibody phage display technology to identify, characterize and optimize antibodies that bind specifically to the AstraZeneca target. AstraZeneca will have the exclusive right to develop and commercialize the antibodies for therapeutic and in vitro diagnostic products. AstraZeneca will fund Dyax to perform its portion of the research program and will also pay Dyax research program milestones if the antibodies identified by Dyax meet certain success-based criteria. In addition, Dyax will receive contingency based milestones and royalty payments for a specified period of time upon AstraZeneca's successful commercialization of any therapeutic or in vitro diagnostic products based on antibodies identified by Dyax. "This is an important collaboration," said Christer Kohler, Head of Global CNS and Pain Research Area for AstraZeneca. "It represents an exciting expansion beyond our small molecule approach to Central Nervous System drug discovery. Given the numerous choices in the mAb arena, we are particularly pleased about collaborating with Dyax as their skill-base complements well our own in-house capabilities." "We are extremely pleased to collaborate with AstraZeneca on this project" said Henry Blair, President and CEO of Dyax Corp. "In particular, we welcome the challenging opportunity to apply our phage display technology to discover and optimize such highly specific antibodies." ...

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