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Dyax, FivePrime Cut Antibody Deal

Cambridge, MA-based Dyax (NASDAQ: DYAX) and South San Francisco-based FivePrime Therapeutics said today they have agreed to collaborate on an effort to discover new antibody drugs. Dyax will use its phage display technology to help FivePrime identify the best antibody candidates aimed at multiple biological targets. Dyax will get undisclosed technology license fees, and support for research. Dyax is also eligible for milestone payments and royalties if FivePrime successfully develops any drugs using its technology.