Press Release Source: Dyax Corp.
Dyax Corp. Enters Into Antibody Agreements with Sanofi-aventis for the Fully Human Monoclonal Antibody DX-2240 and Phage Display Technology
Tuesday February 12, 12:05 am ET
-Upfront Fees and Milestone Payments Total Up to $500 Million-
-Dyax Retains Co-development Rights and Profit Sharing for Certain Partner Programs-
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dyax Corp. (NASDAQ: DYAX - News) and sanofi-aventis (EURONEXT: SAN and NYSE: SNY) announced today that they have entered into agreements in which sanofi-aventis has been granted an exclusive worldwide license for the development and commercialization of the fully human monoclonal antibody DX-2240, as well as a nonexclusive license to Dyax’s proprietary antibody phage display technology.
Under the terms of the two agreements, Dyax is eligible to receive up to $500 million in license fees and milestone payments in the case of full commercial success of the first five antibody candidates, including DX-2240. Dyax will receive $25 million in 2008. In addition, Dyax is eligible to receive royalties based on commercial sales of DX-2240 and other antibodies developed by sanofi-aventis.
As exclusive licensee, sanofi-aventis will be responsible for the ongoing development, commercialization and consolidation of sales of DX-2240. For certain other future antibody product candidates discovered by sanofi-aventis, Dyax will retain co-development and profit sharing rights, while sanofi-aventis will maintain the leadership in development and commercialization, and book sales worldwide.
“These strategic agreements validate Dyax’s capabilities to successfully discover novel antibody drug candidates utilizing our proprietary phage display technology and advance the resulting drug candidates into development,” commented Henry E. Blair, Chairman, President and Chief Executive Officer of Dyax. “Sanofi-aventis has industry-leading clinical and commercial development capabilities, particularly in oncology, and is ideally suited to maximize the potential of DX-2240. Furthermore, sanofi-aventis’ license to our phage display technology, combined with Dyax’s co-development rights, has significant potential to expand our pipeline of product candidates.”
DX-2240 is a fully human monoclonal antibody that targets the Tie-1 receptor on tumor blood vessels and has therapeutic potential in numerous oncology indications. In preclinical animal models, DX-2240 has demonstrated activity against a broad range of solid tumor types. The antibody works by altering tumor vascular morphology, thereby increasing hypoxia and necrosis. In addition, DX-2240 in vivo increases the anti-tumor activity of other cancer therapies such as VEGF pathway inhibitors and other chemotherapeutic agents when used in combination.
Moreover, Dyax’s state-of-the-art antibody, peptide, and protein proprietary phage display libraries will give sanofi-aventis the opportunity to identify novel, high quality antibody product candidates with the potential to be moved rapidly into development and ultimately commercialization. |
