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Biotech / Medical : Cambridge Antibody Technology Group -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (312)	1/6/2003 3:44:23 AM
From: nigel bates	Read Replies (1) \| Respond to of 625

CAT and Dyax Expand Licensing Agreement CAMBRIDGE, UK & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 6, 2003--Cambridge Antibody Technology (LSE: CAT; NASDAQ:CATG) and Dyax Corp. today announce an agreement to expand access and freedom to operate under each other's phage display patents. This agreement expands upon those reached in 1997 under which Dyax licensed its Ladner phage display patents to CAT and CAT granted certain limited rights to Dyax under antibody phage display patents controlled by CAT. Under the terms of this expanded agreement, CAT is granting Dyax worldwide licences for research and certain other purposes under all the antibody phage display patents controlled by CAT. Dyax will also receive options for licences to develop therapeutic and diagnostic antibody products under CAT's patents. In return, CAT will receive milestone and royalty payments on antibody products advanced into clinical trials by Dyax and Dyax's customers. CAT also gains the option to co-fund and co-develop with Dyax antibodies discovered by Dyax, as well as the right to share in Dyax's revenues from certain other applications of antibody phage display. In addition, CAT's obligation to pay royalties under the 1997 Agreements to Dyax for rights with respect to Dyax's Ladner patents on antibody products CAT develops is removed, except in relation to Humira(TM). CAT has options to buy out under a predetermined schedule any royalty obligation which CAT may have in respect of Humira. Peter Chambre, CAT's Chief Executive Officer, commented "We are delighted to have reached this agreement with Dyax and are particularly pleased with the associated reduction in CAT's royalty burden. Importantly also the agreement enables CAT to share in Dyax' success as it develops products under the licence in the future. This agreement is further evidence of CAT's commitment to licensing its phage antibody patent portfolio; it is the third patent licensing agreement we have executed in the last month." Jack Morgan, Senior Vice President of Dyax Corp., commented "We believe this agreement will expand pharmaceutical and biotechnology companies' access to state-of-the-art technology and ultimately benefit patients by facilitating expanded discoveries utilising antibody phage display. This represents the fourth and most important patent cross licensing agreement Dyax has entered into over the past ten months. We are particularly excited to utilise the options to develop therapeutic antibodies for both Dyax's pipeline and for our customers."