Dyax negotiating license to Dompe's DX-88

US biopharmaceutical firm Dyax Corp has entered into an exclusive negotiation period ending on September 30, 2008 with Italy's Dompe Farmaceutici SpA for a European license to DX-88 in angioedema indications, including hereditary angioedema, for which the company recently completed its second Phase III trial. As a condition for the exclusive negotiation rights, Dompe entered into a securities sale agreement to buy just over two million shares of Dyax common stock in a private placement at $4.98 each, which represents a 57% premium over the closing price on July 10. The offering reaches a total investment of $10.0 million.

"We look forward to finalizing a partnership with Dompe for DX-88 in angioedema indications, and believe that their regulatory and commercial capabilities in Europe could add significantly to the DX-88 franchise worldwide," commented Henry Blair, chief executive of Dyax. "Dompe's premium, unconditional investment in Dyax highlights the value potential of the DX-88 franchise as well as our proprietary phage display discovery technology. This agreement, if finalized, will be another step towards the completion of our DX-88 global strategy, which also includes a partnership with Cubist Pharmaceuticals for surgical indications, and our own commercial infrastructure for hereditary angioedema within the USA," he added.