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Dyax,
Sanofi Strike Antibody Deal Worth Up To $500M;
Human Genome Sciences, Xencor Ink Antibody Pact |
Human Genome Sciences and Xencor,
Inc. struck an antibody deal. Xencor,
(2/7)
Also:
Sanofi-Aventis licensed the exclusive, worldwide rights to develop
and commercialize Dyax Corp.’s fully human monoclonal antibody
DX-2240, and the nonexclusive rights to Dyax’s proprietary
antibody phage display technology. Dyax could receive up to $500
million under the two agreements. See full
press release below.
February
12, 2008--Dyax Corp. (NASDAQ: DYAX) and sanofi-aventis (EURONEXT:
SAN and NYSE: SNY) announced today 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.
“These strategic agreements
validate Dyax’s capabilities to successfully discover novel
antibody drug candidates utilizing our proprietary phage display
technology and advance the resulting drug candidates into
development,” commented Henry E. Blair, Chairman, President and
Chief Executive Officer of Dyax. “Sanofi-aventis has
industry-leading clinical and commercial development capabilities,
particularly in oncology, and is ideally suited to maximize the
potential of DX-2240. Furthermore, sanofi-aventis’ license to our
phage display technology, combined with Dyax’s co-development
rights, has significant potential to expand our pipeline of product
candidates.”
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.
About sanofi-aventis
Sanofi-aventis, a leading global
pharmaceutical company, discovers, develops and distributes
therapeutic solutions to improve the lives of everyone.
Sanofi-aventis is listed in Paris (EURONEXT: SAN) and in New York
(NYSE: SNY).
About Dyax
Dyax is focused on advancing novel
biotherapeutics for unmet medical needs, with an emphasis on
oncology and inflammatory indications. Dyax utilizes its proprietary
drug discovery technology to identify antibody, small protein and
peptide compounds for clinical development.
Dyax’s lead product candidate is
DX-88, a recombinant small protein that is currently in clinical
trials for its therapeutic potential in two separate indications.
Dyax has completed three Phase 2 trials and a Phase 3 trial of DX-88
for the treatment of hereditary angioedema (HAE). A second Phase 3
trial, known as EDEMA4, is currently being conducted under a Special
Protocol Assessment (SPA). DX-88 has orphan drug designation in the
U.S. and E.U., as well as Fast Track designation in the U.S. for the
treatment of acute attacks of HAE.
Additionally, Dyax has completed a
Phase 1/2 trial of DX-88 for the prevention of blood loss during
on-pump coronary artery bypass graft (CABG) procedures. A Phase 2
trial for further development of DX-88 in on-pump cardiothoracic
surgery (CTS), including CABG and heart valve replacement or repair
procedures, is ongoing.
Dyax identified DX-88 and other
compounds in its pipeline using its patented phage display
technology, which rapidly selects compounds that bind with high
affinity and specificity to therapeutic targets. Dyax leverages this
technology broadly with over 70 revenue generating licenses and
collaborations for therapeutic discovery, as well as in non-core
areas such as affinity separations, diagnostic imaging, and research
reagents. Under a 2006 funding arrangement with Paul Royalty Fund
II, Dyax received a $30 million upfront cash payment in exchange for
granting Paul Royalty the right to receive a specified percentage of
the net royalties, including all milestones fees and other payments,
receivable by Dyax under the LFRP through 2017.
Dyax is headquartered in Cambridge,
Massachusetts, and has antibody discovery facilities in Liege,
Belgium. For online information about Dyax Corp., please visit www.dyax.com.
Dyax Disclaimer
This press release contains
forward-looking statements, including statements regarding the
expected benefits of Dyax’s collaboration agreement for DX-2240
and its library license agreement with sanofi-aventis. Statements
that are not historical facts are based on Dyax’s current
expectations, beliefs, assumptions, estimates, forecasts and
projections about the industry and markets in which Dyax competes.
The statements contained in this release are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions, which are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed in
such forward-looking statements. Important factors which may affect
the expected benefits of Dyax’s collaboration and license
agreements with sanofi-aventis include the risks that: DX-2240 may
not gain market acceptance; Dyax’s future benefits from
sanofi-aventis’ license of Dyax’s phage display
technology depend on the efforts and priorities of sanofi-aventis,
which may be subject to changes in sanofi-aventis’ business
direction or priorities; others may develop technologies or products
superior to Dyax’s phage display technologies or sanofi-aventis’
product candidates developed through the use of Dyax’s
technologies; Dyax may not be able to obtain and maintain
intellectual property protection for its products and technologies;
and other risk factors described or referred to in Dyax’s most
recent Annual Report on Form 10-K and other periodic reports filed
with the Securities and Exchange Commission. Dyax cautions investors
not to place undue reliance on the forward-looking statements
contained in this release. These statements speak only as of the
date of this release, and Dyax undertakes no obligations to update
or revise these statements, except as may be required by law. Dyax
specifically disclaims responsibility for information describing
sanofi-aventis and its business other than the license with Dyax.
Dyax, the Dyax logo and EDEMA4 are
registered trademarks of Dyax Corp.
Contacts
Dyax Corp.
Ivana Magovčević-Liebisch, 617-250-5759
General Counsel and Executive Vice President
of Administration
imagovcevic@dyax.com
or
Nicole Jones, 617-250-5744
Director, Investor Relations
njones@dyax.com
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