Dyax Corp. and Glenmark Pharmaceuticals Enter Into Funded Research Agreement for Discovery of Therapeutic Antibodies
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dyax Corp. (Nasdaq: DYAX) and Glenmark Pharmaceuticals S.A., the wholly-owned Swiss subsidiary of Glenmark Pharmaceuticals Ltd. (Glenmark), announced today that they have entered into a funded research agreement for the discovery of therapeutic antibodies. Under the terms of this agreement, Dyax will perform funded research to identify therapeutic antibodies for three targets provided by Glenmark. Furthermore, these research activities may be expanded to include additional targets. Dyax will receive technology license fees and full time employee payments from Glenmark for the funded research as well as clinical milestone payments and royalties on net sales that may result from Glenmark’s development and commercialization of antibodies from Dyax’s libraries. The agreement also provides Glenmark with sublicenses to relevant third-party antibody phage display patents that may be used with Dyax’s technology.