Initial transaction includes two targets with the potential for expansion.

Dyax inked an agreement with Bayer Schering Pharma for the discovery of therapeutic antibodies. Bayer Schering Pharma will provide two targets, and Dyax will identify related antibodies.

Dyax will receive milestone payments and royalties. The deal also provides Bayer Schering Pharma with sublicenses to relevant third-party antibody phage display patents that may be used with Dyax’ technology.

These research activities may be expanded to allow Dyax to work on additional targets and/or allow Bayer Schering Pharma to exercise an option for an antibody library license.

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