Dyax and MedImmune Enter into Library License Agreement for Discovery of Therapeutic Antibodies
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sept. 30, 2003--Dyax Corp. (Nasdaq: DYAX - News) today announced that it has granted a non-exclusive license to its proprietary antibody phage display libraries for the discovery of therapeutic antibodies to MedImmune, Inc. (Nasdaq: MEDI - News). Under the terms of the agreement, Dyax will receive upfront and annual technology license fees, clinical milestone payments, and royalties on net sales of products that may result from MedImmune's use of the Dyax libraries. The agreement provides MedImmune a license to Dyax's antibody phage display technology and patent rights, as well as sublicenses to relevant third-party antibody phage display patents that may be used with Dyax's antibody phage display technology.
"We are very pleased to enter into this agreement with MedImmune, who is an established leader in the development and marketing of therapeutic antibodies," commented Jack H. Morgan, Senior Vice President, Corporate Development & Business Operations for Dyax. He added, "We expect that the Dyax libraries will prove to be of great benefit to MedImmune as they continue to broaden and strengthen their antibody pipeline focused on oncology, immunology, and infectious diseases."
About Dyax Corp.
Dyax Corp. is a biopharmaceutical company principally focused on the discovery, development and commercialization of therapeutics for inflammatory conditions and in oncology. Dyax currently has two recombinant proteins in clinical development, DX-88 and DX-890. DX-88 is being studied in phase II clinical trials for the treatment of hereditary angioedema in collaboration with Genzyme Corporation. Dyax is also studying DX-88 in a phase I/II clinical trial for use during cardiopulmonary bypass surgery. DX-890 is being studied in phase IIa clinical trials for the treatment of cystic fibrosis in collaboration with Debiopharm, S.A. Dyax utilizes its proprietary phage display technology to rapidly identify a broad range of recombinant protein, peptide, and fully human monoclonal antibody compounds that bind with high affinity and specificity to targets of interest, with the objective of selecting those compounds with the greatest potential for advancement into clinical development. Dyax leverages broadly its phage display technology through revenue generating licenses and collaborations in both its core therapeutics area, as well as in non-core areas of affinity separations, diagnostic imaging, and research reagents. Through its subsidiary, Biotage, Inc., Dyax develops, manufactures and sells chromatography separations systems and products to pharmaceutical companies worldwide for drug discovery and purification. For more information on Dyax Corp., please visit its website at www.dyax.com. |
