The termination agreement stipulates that Dyax will receive all the assets of the joint venture, including a 100% ownership of DX-88 worldwide, as well as a $17 million cash payment. Genzyme will receive 4.4 million shares of Dyax common stock. Dyax anticipates that this will not affect the company’s 2007 operating activities or the ongoing development and regulatory timelines for DX-88 in hereditary angioedema (HAE).
“The decision to end the HAE joint venture with Dyax is based on a mutual agreement as well as a focus on our rich portfolio of approximately 20 pivotal trials for new products and new indications that will contribute to our future growth,” said Henri Termeer, president, chairman and CEO of Genzyme.
“Our equity interest in Dyax reflects our continued belief in the approvability of DX-88 for HAE, which addresses a tremendous unmet medical need.”
DX-88 is a highly specific inhibitor of plasma kallikrein. Excess plasma kallikrein is thought to play a role in a number of inflammatory and autoimmune diseases. Dyax is developing DX-88 for multiple indications including HAE, a rare genetic disorder and to reduce complications associated with on-pump cardiothoracic surgery.