Dyax has granted AVEO a non-exclusive license to Dyax's proprietary antibody phage display libraries for the discovery and development of therapeutic antibodies.

Dyax is focused on advancing novel biotherapeutics for unmet medical needs, with an emphasis in oncology and inflammation. Dyax's human antibody phage libraries combine gene fragments from human donors with strategically designed synthetic DNA, and are used to identify high-affinity human antibodies that bind to numerous therapeutic targets, including cell surface proteins such as tumor cell markers, viral antigens, enzymes, and glycoproteins.

AVEO is a clinical-stage biopharmaceutical company focused on the discovery and development of novel, targeted cancer therapeutics. The terms of this strategic agreement include upfront and annual license fees, clinical and regulatory milestone payments as well as other considerations. Dyax is also entitled to royalties on net sales of any products identified by AVEO using Dyax's technology that may be developed and commercialized by AVEO and/or its sublicenses. The agreement also provides AVEO with sublicenses to relevant third-party antibody phage display patents related to Dyax's technology.