Monday, April 28, 2008

Dyax ponders closing Belgium R&D site

Biotech firm Dyax Corp. has begun talks about closing the research facility of its Belgian subsidiary in Liege, Belgium, officials report.

The closure of the research operation would enable Dyax (Nasdaq: DYAX) to consolidate its discovery and preclinical programs at its headquarters in Cambridge, company officials said. The weakening U.S. dollar has contributed to a rise in operating costs in Europe. Also, the company wants to focus its resources on the commercialization of DX-88, a drug in Phase 3 clinical trials for the treatment of hereditary angioedema.

Company officials said the closure would save the firm about $7 million in expenses after 2008, yet result in a charge of $5.3 million. Due to Belgian laws, Dyax said its final decision on whether to close the R&D facility is not expected until June 2008. The Belgian subsidiary, Dyax SA, employs 24 workers.

Dyax, which is focused on discovery and development of antibody, protein and peptide drugs, reported a 2007 net loss of $56.3 million on revenue of $26.1 million. The firm employs a total of 177 workers.