Sanofi-aventis collaborates with Merrimack Pharmaceuticals for rights to human monoclonal antibody MM-121

Dyax Corp. (NASDAQ: DYAX) announced today new developments involving drug candidates identified using the Company’s proprietary phage display technology as a result of two deals recently announced by sanofi-aventis.

Sanofi-aventis announced plans to acquire Fovea Pharmaceuticals, Dyax’s partner for DX-88 in ophthalmic indications in the European Union (EU). DX-88 (FOV 2302), one of Fovea’s three pipeline products, is in Phase 1 development for the treatment of retinal vein occlusion (RVO) induced macular edema. Under the terms of the Dyax-Fovea partnership agreement, Fovea has exclusive rights to the intravitreal formulation of DX-88 in ophthalmic indications in the EU. Fovea will fully fund development for the RVO induced macular edema program for approval in worldwide markets. Dyax retained rights for ophthalmic indications for all territories outside the EU.

Separately, sanofi-aventis announced an exclusive collaboration and licensing agreement with Merrimack Pharmaceuticals, a licensee under Dyax’s Licensing and Funded Research Program (LFRP), for rights to MM-121. The fully human monoclonal antibody, MM-121, was identified using Dyax’s proprietary antibody phage display library and is currently in Phase 1 development in oncology. Dyax is eligible to receive milestones associated with the development of MM-121, as well as royalties upon commercialization. To date, one marketed product and fifteen product candidates in various stages of development have been identified using Dyax’s proprietary phage display libraries under the LFRP.

Dyax already has a relationship with sanofi-aventis which began in February 2008 when sanofi-aventis licensed rights to Dyax’s fully human monoclonal antibody DX-2240 and to the company’s proprietary phage display technology in a deal valued up to $500 million for Dyax. Dyax received $25 million in upfront payments in 2008.

“We are pleased that DX-88 in retinal disease has been recognized as a key asset in the proposed acquisition of Fovea,” said Gustav A. Christensen, President and Chief Executive Officer of Dyax. “Furthermore, these deals, which involve two drug candidates generated from our proprietary phage display libraries, further validate our technology as an important drug discovery platform.”