Dyax and Sigma-Tau Announce Partnership to
Develop and CommercializeSubcutaneous DX-88
(ecallantide) for Hereditary Angioedema and
Other Indications in Europe, North Africa, Middle
East and Russia
– Dyax Receives $5M Upfront Payment –
June 21, 2010 06:33 AM Eastern Daylight Time
CAMBRIDGE, Mass.--(EON: Enhanced Online News)--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.
“Sigma-Tau’s strong track record of developing and marketing licensed drugs in these geographic regions brings an
important capability to our global commercial and clinical initiatives for KALBITOR in HAE and other potential
indications,” announced Gustav Christensen, President and Chief Executive Officer of Dyax. “The strategic
considerations under this partnership, including clinical development cos