Dyax Corp. announced that they have expanded their antibody funded research and library license agreement with Biogen Idec to include the discovery of additional antibody products identified using Dyax's proprietary drug discovery technology, phage display.

Dyax has utilized phage display to generate on behalf of Biogen Idec high affinity, fully human antibody product candidates, including BIIB-022, currently in Phase 1 clinical trials for oncology, and one additional product candidate targeting LINGO-1 for multiple sclerosis moving into the clinic.

Under the terms of the expanded agreement, Dyax has guaranteed a minimum of ten additional product licenses to Biogen Idec. Additionally, Dyax has granted Biogen Idec a non-exclusive license to its antibody libraries and will conduct antibody discovery funded research over a three-year period. In exchange, Dyax will receive a $5 million upfront fee and guaranteed research funding, and is eligible to receive $85 million in development and sales milestones as well as royalties for each antibody product commercialized by Biogen Idec using Dyax's technology.

"Biogen Idec is a leader in the development and commercialization of innovative therapies, and this agreement reflects how Dyax's phage display technology has become an increasingly important and validated drug discovery platform," remarked Gustav A. Christensen, president and CEO of Dyax Corp. "We look forward to continuing our collaboration with Biogen Idec generating value for both companies through the discovery of innovative therapeutic antibodies."

Dyax's proprietary drug discovery platform, phage display, provides an efficient means to identify compounds that interact with a wide array of therapeutic targets. Dyax's discovery capabilities have been further enhanced through automation, which has enabled the company to evaluate a large number of molecules binding to each target. In this way, Dyax is able to rapidly identify and select a specific antibody, peptide or small protein with the desired biochemical and biological characteristics. Dyax's state-of-the-art antibody phage display libraries allows for the rapid isolation of fully human target-specific antibodies from a library of billions of unique antibodies. These extensive libraries are screened using in vitro selection strategies that are tailored to increase the yield of lead candidates with the desired therapeutic properties.

Dyax is focused on advancing novel biotherapeutics for unmet medical needs, with an emphasis on oncology and inflammatory indications.