DYAX » Topics » 16. Subsequent Event

These excerpts taken from the DYAX 10-K filed Feb 29, 2008.

16. Subsequent Event

        On February 12, 2008 the Company granted to sanofi-aventis 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.

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Dyax Corp. and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

16. Subsequent Event



        On February 12, 2008 the Company granted to sanofi-aventis 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.



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Dyax Corp. and Subsidiaries



Notes to Consolidated Financial Statements (Continued)



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 29, 2008
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