Dyax Corp. (DYAX) and Kadmon Pharmaceuticals Sign Strategic Licensing Agreement for DX-2400
9/20/2012 9:27:13 AM
BURLINGTON, Mass. & NEW YORK--(BUSINESS WIRE)--Dyax Corp. (NASDAQ:DYAX) and Kadmon Corporation, LLC (Kadmon) announced today that they have entered into a strategic licensing agreement in which Kadmon has been granted an exclusive worldwide license for the development and commercialization of the fully human monoclonal antibody DX-2400, a potent and selective antibody inhibitor of matrix metalloproteinase 14 (MMP-14). MMP-14 is a key enzyme in a molecular pathway thought to play a role in tumor blood vessel formation (angiogenesis) in addition to affecting tumor growth and cell migration. Under the terms of the agreement, Dyax will receive an upfront payment, and is eligible for significant development and commercial milestone payments, in addition to tiered royalties on commercial sales up to a double-digit rate. As an exclusive licensee, Kadmon will be responsible for further development and commercialization of DX-2400, which is currently in investigational new drug (IND) application-enabling studies.