Dyax and Biogen Expand Pact

2/5/09

Biotech firms Dyax (NASDAQ:DYAX) and Biogen Idec (NASDAQ:BIIB), both based in Cambridge, MA, have expanded a previous deal under which Dyax has discovered antibody drugs for Biogen with its phage display technology, according to a press release. The expanded deal guarantees Biogen 10 more product licenses, and, in return, Biogen will pay Dyax a $5 million payment upfront, fund research costs, and provide up to $85 million in milestone fees as well as royalties for each drug that Biogen commercializes as a result of the agreement.

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