CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dyax Corp. (NASDAQ: DYAX) announced today that they have entered into an agreement with Bayer Schering Pharma AG for the discovery of therapeutic antibodies. Under the terms of this agreement, Dyax will identify therapeutic antibodies for two targets provided by Bayer Schering Pharma. Furthermore, these research activities may be expanded to allow Dyax to work on additional targets and/or allow Bayer Schering Pharma to exercise an option for an antibody library license. Dyax will receive clinical milestone payments and royalties on net sales that may result from Bayer Schering Pharma’s development and commercialization of any antibodies discovered through the collaboration. The agreement also provides Bayer Schering Pharma with sublicenses to relevant third-party antibody phage display patents that may be used with Dyax’s technology. Financial terms were not disclosed.
