Dyax Announces Expansion of Antibody Discovery Collaboration with Biogen Idec
Thursday February 5, 10:45 am ET
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dyax Corp. (NASDAQ:DYAX - News) announced today that they have expanded their antibody funded research and library license agreement with Biogen Idec (NASDAQ:BIIB - News) to include the discovery of additional antibody products identified using Dyax’s proprietary drug discovery technology, phage display.
Dyax has utilized phage display to generate on behalf of Biogen Idec high affinity, fully human antibody product candidates, including BIIB-022, currently in Phase 1 clinical trials for oncology, and one additional product candidate targeting LINGO-1 for multiple sclerosis moving into the clinic. Under the terms of the expanded agreement, Dyax has guaranteed a minimum of ten additional product licenses to Biogen Idec. Additionally, Dyax has granted Biogen Idec a non-exclusive license to its antibody libraries and will conduct antibody discovery funded research over a three-year period. In exchange, Dyax will receive a $5 million upfront fee and guaranteed research funding, and is eligible to receive $85 million in development and sales milestones as well as royalties for each antibody product commercialized by Biogen Idec using Dyax’s technology.
“Biogen Idec is a leader in the development and commercialization of innovative therapies, and this agreement reflects how Dyax’s phage display technology has become an increasingly important and validated drug discovery platform,” remarked Gustav A. Christensen, President and CEO of Dyax Corp. “We look forward to continuing our collaboration with Biogen Idec generating value for both companies through the discovery of innovative therapeutic antibodies.” |
