Dyax forges $231M development deal for DX-88

Cubist Pharmaceuticals has agreed to pay Dyax $15 million upfront and up to $216.5 million more in potential milestone payments for collaboration rights to Dyax's experimental therapy for the prevention of blood loss during surgery in North America and Europe. Cubist will fund development costs for an ongoing Phase II trial of DX-88. And Dyax has co-promotion rights in the U.S. and retains development rights for other indications. The first $2.5 million milestone payment will be paid this year.

"As a potent plasma kallikrein inhibitor, DX-88 has the potential to be a breakthrough therapy in reducing blood loss and inflammation in multiple surgical indications," says Cubist CEO Mike Bonney. "There is a serious unmet medical need and a large market opportunity for a successful therapy here."

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