Dyax and Genzyme Announce Agreement to Terminate Joint Venture for the Commercialization of DX-88 in HAE

Dyax Secures 100% Ownership to DX-88 in All Indications

22-Feb-2007

Dyax Corp. announced that it has reached a mutual agreement with Genzyme Corporation to terminate their joint venture for the development and commercialization of DX-88 for hereditary angioedema (HAE). The termination agreement stipulates that Dyax will receive all the assets of the joint venture, including a 100% ownership of DX-88 worldwide, as well as a $17 million cash payment. Genzyme will receive 4.4 million shares of Dyax common stock. Dyax anticipates that this will not affect the Company's 2007 operating activities or the ongoing development and regulatory timelines for DX-88 in HAE.

Dyax and Genzyme signed the original agreement to jointly develop and commercialize DX-88 for HAE in 1998; Genzyme exercised an option that created the joint venture in 2003. Dyax has been leading the development of DX-88 in HAE, including all clinical, regulatory and manufacturing activities. Through this collaboration, the companies have treated over 200 patients in multiple clinical studies. DX-88's Phase 3, EDEMA3 trial has just recently concluded and Dyax expects to report on the results for the first time in the second quarter of 2007.

DX-88 is a highly specific inhibitor of plasma kallikrein that was discovered and developed by Dyax. Excess plasma kallikrein is thought to play a role in a number of inflammatory and autoimmune diseases. Dyax is developing DX-88 for multiple indications including hereditary angioedema (HAE), a rare genetic disorder and to reduce complications associated with on-pump cardiothoracic surgery (CTS).

https://www.bionity.com/en/news/62031/dyax-and-genzyme-announce-agreement-to-terminate-joint-venture-for-the-commercialization-of-dx-88-in-hae.html