(RTTNews) - Dyax Corp. (DYAX: News ) said Tuesday that two deals recently announced by sanofi-aventis (SNY) involves drug candidates identified using the company's proprietary phage display technology.

The company said its state-of-the-art antibody phage display libraries allow the rapid isolation of fully human target-specific antibodies from a library of billions of unique antibodies.

Sanofi-aventis announced plans to acquire Fovea Pharmaceuticals, Dyax's partner for DX-88 in ophthalmic indications in the European Union. DX-88 (FOV 2302) is one of Fovea's three pipeline products and is in Phase 1 development for the treatment of retinal vein occlusion induced macular edema.

As per the Dyax-Fovea partnership agreement, Fovea has exclusive rights to the intravitreal formulation of DX-88 in ophthalmic indications in the EU. Fovea will fully fund development for the RVO induced macular edema program for approval in worldwide markets. Dyax retained rights for ophthalmic indications for all territories outside the EU.

Separately, sanofi-aventis announced an exclusive collaboration and licensing agreement with Merrimack Pharmaceuticals, a licensee under Dyax's Licensing and Funded Research Program, or LFRP, for rights to MM-121.
Dyax said the fully human monoclonal antibody, MM-121, was identified using its proprietary antibody phage display library and is currently in Phase 1 development in oncology. Dyax is eligible to receive milestones associated with the development of MM-121, as well as royalties upon commercialization.

To date, one marketed product and fifteen product candidates in various stages of development have been identified using Dyax's proprietary phage display libraries under the LFRP.

Dyax said it already has a relationship with sanofi-aventis which began in February 2008 when sanofi-aventis licensed rights to Dyax's fully human monoclonal antibody DX-2240 and to the company's proprietary phage display technology in a deal valued up to $500 million for Dyax. Dyax received $25 million in upfront payments in 2008.

DYAX closed Monday's regular trade at $3.38, flat with the previous close, on 238,500 shares.

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by RTT Staff Writer

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