Dyax to close Belgian research facility

The closure option would allow for reduction in operating expenses and corresponds with Dyax’s strategic plan to direct its resources toward the commercialization of DX-88 in hereditary angioedema. Additionally, the closure option would help optimize Dyax’s research and development capabilities by consolidating its discovery and preclinical programs at its headquarters in Cambridge, Massachusetts. In accordance with Belgian law, no final decision is expected until some time in June 2008.

Expenses related to the Belgium research facility have risen steadily as a result of the depreciating US dollar, negatively effecting operating costs. If completed, Dyax expects the closure would contribute approximately $7 million in annual savings after 2008 and result in a charge of approximately $5.3 million in the remaining quarters of 2008.

Henry Blair, chairman, president and CEO of Dyax, said: “This strategic decision is difficult but necessary for the ongoing growth objectives of Dyax. The consolidation of our research facilities would contribute to the strategy of reducing our operating costs and increasing our productivity and efficiency.”