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Print Edition StoriesThursday, February 5, 2009
Dyax, Biogen form $85M IP deal
Flash Slideshow: Mass High Tech All-Stars Thought Leadership Roundtable
In their own words: Tod Woolf, CEO, RXi Pharmaceuticals Corp.
Cambridge-based biotech Dyax Corp. has expanded its relationship with Biogen Idec Inc. in an intellectual property licensing and research deal potentially worth more than $85 million.
Dyax (Nasdaq: DYAX) has already used its proprietary phage display technology to allow Biogen to generate fully human antibody product candidates. Phage display enables researchers to study various protein interactions. Now, Dyax announced this week it had expanded its antibody funded research and library license agreement with Cambridge-based Biogen (Nasdaq: BIIB) to cover the discovery of additional antibody products.
Dyax has guaranteed at least 10 additional product licenses to Biogen; it has also granted Biogen a non-exclusive license to its antibody libraries, and for three years will conduct antibody discovery funded research. For this, Dyax will receive a $5 million upfront fee and will be eligible to receive $85 million in development and sales milestones, along with royalties for each commercialized antibody product.
In other related news, Dyax this week also announced that the U.S. Food and Drug Administration’s Pulmonary-Allergy Advisory Committee voted in favor of approval of its drug, DX-88 (ecallantide). The vote was six in favor and five against, with two members abstaining. DX-88 is meant to treat acute attacks of hereditary angioedema, a rare and potentially fatal genetic disorder. If the FDA approves it, this will be the first drug available in the U.S. for treating the disorder.
Last August, Dyax secured a $50 million loan, in part to buy back its interest from a previous royalty agreement.
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