February 21, 2007
Genzyme ends venture with Dyax
By Christina Davis
Genzyme Corp. and Dyax Corp. have ended a collaboration on their development of a drug called DX-88.
Dyax said it will receive all the assets of the joint venture, full ownership of the drug, and a $17 million cash payment.
DX-88 is aimed at treating angioedema which causes swelling under the skin. Last year, the FDA requested more information on the drug candidate, and eventually requested an additional study. Dyax expects to release results from a Phase III clinical trial during the second quarter.
The companies said the decision to end the agreement was mutual. Genzyme will retain an equity interest in Dyax.
"Our equity interest in Dyax reflects our continued belief in the approvability of DX-88 (for angioedema), which addresses a tremendous unmet medical need," said Henri A. Termeer, President, Chairman and Chief Executive of Genzyme, in a statement.
Genzyme will receive 4.4 million shares of Dyax common stock.
"This mutual agreement to end our long-standing relationship with Genzyme opens numerous commercialization and partnering opportunities to optimize the value of our DX-88 franchise," said Henry E. Blair, Chairman and Chief Executive of Dyax, in a statement.
Genzyme and Dyax are both based in Cambridge. Genzyme has operations in Framingham and Westboro. (AP)
Dyax said it will receive all the assets of the joint venture, full ownership of the drug, and a $17 million cash payment.
DX-88 is aimed at treating angioedema which causes swelling under the skin. Last year, the FDA requested more information on the drug candidate, and eventually requested an additional study. Dyax expects to release results from a Phase III clinical trial during the second quarter.
The companies said the decision to end the agreement was mutual. Genzyme will retain an equity interest in Dyax.
"Our equity interest in Dyax reflects our continued belief in the approvability of DX-88 (for angioedema), which addresses a tremendous unmet medical need," said Henri A. Termeer, President, Chairman and Chief Executive of Genzyme, in a statement.
Genzyme will receive 4.4 million shares of Dyax common stock.
"This mutual agreement to end our long-standing relationship with Genzyme opens numerous commercialization and partnering opportunities to optimize the value of our DX-88 franchise," said Henry E. Blair, Chairman and Chief Executive of Dyax, in a statement.
Genzyme and Dyax are both based in Cambridge. Genzyme has operations in Framingham and Westboro. (AP)
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