CAMBRIDGE, Mass.--(BUSINESS WIRE)--April 8, 2003--Dyax Corp. (Nasdaq: DYAX - News) announced today that it has entered into a second library license agreement with ImClone Systems Incorporated (Nasdaq:IMCL - News), effective March 31, 2003. The agreement provides ImClone Systems with a non-exclusive license to Dyax's new proprietary antibody phage display library for the discovery of therapeutic antibodies and in-vitro diagnostics against ImClone Systems's disease targets. In return, Dyax has received an upfront license fee payment from ImClone Systems, and will continue to receive annual technology license fee payments for up to four years. Dyax will also receive clinical milestone payments and royalties on any therapeutic or diagnostic antibody products that results from ImClone Systems's use of the Dyax library.
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ImClone Systems had previously licensed Dyax's original antibody phage library to successfully identify therapeutic antibody leads to KDR and two other undisclosed targets. To date, ImClone Systems has paid Dyax a therapeutic option fee for KDR plus one of the additional two targets. Under the new agreement, Dyax's new library replaces the initial library for phage antibody discovery. It provides ImClone Systems access not only to Dyax's state-of-the-art antibody phage display technology and patent rights, but also to antibody phage display rights of relevant third parties. Financial terms were not disclosed.
"This agreement with ImClone Systems validates our strategy of the past year to leverage what we believe are scientifically superior antibody phage display libraries developed at Dyax. This library license agreement is the first involving our new antibody libraries since we obtained licenses to key third party antibody phage display patents," commented Henry Blair, CEO, Dyax Corp. "ImClone Systems has substantial experience in the research and development of therapeutic monoclonal antibodies, and we are confident that their expertise, together with Dyax's proprietary technology and know-how, will lead to the discovery of a number of potential new therapeutic antibody products. This agreement with ImClone Systems represents an important first for our new antibody library. We continue our efforts to close additional library licenses and funded research agreements with other third parties during the year." |
