Contrast media firm Bracco Diagnostics has entered a new technology-sharing partnership with Dyax, a biopharmaceutical firm based in Cambridge, MA.
The alliance will give Milan, Italy-based Bracco access to Dyax's proprietary phage display technology, a discovery method that identifies proteins, peptides, and human monoclonal antibodies which bind to specific diagnostic and therapeutic targets, according to the companies.
Under terms of the deal, Bracco will pay a $3 million up-front licensing fee plus an additional $3 million per year for exclusive worldwide rights to develop and commercialize existing inflammation, cardiovascular, and oncology imaging product leads. Dyax will also receive payments for development milestones and royalties on product sales, the companies said.
Bracco president and CEO Diana Bracco said that Dyax's phage display technology is the leading biodiversity platform. Products developed from the technology will enhance Bracco's research and development opportunities as well as its business base, she said.
By AuntMinnie.com staff writersNovember 6, 2000
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