CAMBRIDGE, Mass. (AP) — Biotherapeutic drug company Dyax Corp. said Tuesday that two of its drug candidates will be developed by French drugmaker Sanofi-Aventis under licensing agreements with Dyax's partners.
The drug candidates are DX-88, a treatment for macular edema caused by blocked veins in the retina, and a cancer antibody called MM-121. Sanofi-Aventis gained the rights to DX-88 with its purchase of Fovea Pharmaceuticals, and is collaborating with Merrimack Pharmaceuticals to develop MM-121.
Sanofi-Aventis agreed to buy Fovea on Oct. 1. Fovea holds the marketing rights for DX-88 in the European Union, and Dyax owns marketing rights around the rest of the world. Dyax discovered MM-121 and is developing it with Merrimack.
In 2008, Sanofi-Aventis licensed a Dyax antibody called DX-2240, and purchased the rights to technology that helps identify potential drug candidates. That deal is worth up to $500 million, including a $25 million payment to Dyax last year.
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In premarket trading, Dyax shares rose 37 cents, or 11 percent, to $3.75 while U.S.-traded shares of Sanofi-Aventis added 18 cents to $39.