Dyax expands Sigma-Tau territories for Kalbitor for $7M upfront

USA-based Dyax Corp (Nasdaq: DYAX) says it has expanded the geographic reach of Defiante Farmaceutica, an affiliate of Italian pharmaceutical group Sigma-Tau, under their strategic partnership for Kalbitor (ecallantide) in the treatment of hereditary angioedema (HAE) and other therapeutic indications to include development and commercialization rights in Latin America, excluding Mexico and the Caribbean, Taiwan, Singapore and South Korea.

Dyax will get an upfront of $7 million and is eligible to receive up to $10 million in regulatory, approval and reimbursement milestones. Consistent with their existing agreement, Dyax is also eligible to receive sales milestones and royalties equal to 41% of net sales of Kalbitor, less cost of goods sold. Sigma-Tau is also responsible for costs associated with regulatory approval and commercialization in their additional territories.

Under the terms of the original deal, Defiante holds rights in Europe, North Africa, the Middle East, Russia, Australia and New Zealand. Dyax holds rights in the USA, where it is approved for the treatment of acute attacks of HAE in patients 16 years of age and older, as well as other territories. Sigma Tau paid $2.5 million upfront to Dyax and purchased $2.5 million in equity shares at a 50% premium above market value (The Pharma Letter June 22, 2010). Dyax is also eligible to receive over $100 million in development and sales milestones related to DX-88 and royalties equal to 41% of net sales of product.