News

Mon, 2010-06-21

Dyax and Sigma-Tau Announce Partnership to Develop and Commercialize Subcutaneous DX-88 (ecallantide) for Hereditary Angioedema and Other Indications in Europe, North Africa, Middle East and Russia

Dyax Receives $5M Upfront Payment

Cambridge, MA, June 21, 2010 – Dyax Corp. (NASDAQ: DYAX) and Defiante Farmaceutica S.A., a subsidiary of the pharmaceutical company Sigma-Tau SpA (Sigma-Tau), announced today a strategic partnership to develop and commercialize subcutaneous DX-88 (ecallantide) for the treatment of hereditary angioedema (HAE) and other therapeutic indications throughout Europe, North Africa, Middle East and Russia. Dyax retains its rights to subcutaneous DX-88 in other territories, including the U.S., where DX-88 has been approved by the U.S. Food and Drug Administration (FDA) and is marketed as KALBITOR® (ecallantide) for the treatment of acute attacks of HAE in patients 16 years of age and older.

Under the terms of the agreement, Sigma Tau will make a $2.5 million upfront payment to Dyax and will purchase $2.5 million in equity shares at a 50% premium above market value. Dyax will also be eligible to receive over $100 million in development and sales milestones related to DX-88 and royalties equal to 41% of net sales of product. Sigma-Tau will pay the costs associated with regulatory approval and commercialization in the territories licensed to Sigma Tau. Additionally, Dyax and Sigma-Tau will share equally the costs for all development activities for future indications developed in partnership with Sigma-Tau.

SOURCE: Dyax Corp.

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