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Dyax Enters Into Antibody Agreements with Sanofi-aventis for the Fully Human Monoclonal Antibody and Phage Display Technology

Dyax Retains Co-development Rights and Profit Sharing for Certain Partner Programs

13 Feb 2008 - Dyax Corp. and sanofi-aventis announced 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.
 
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.