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DYAX > SEC Filings for DYAX > Form 8-K on 29-Dec-2011All Recent SEC Filings

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Form 8-K for DYAX CORP


Other Events

Item 8.01. Other Events.

On December 26, 2011 Dyax Corp. ("Dyax") and Defiante Farmaceutica S.A., an affiliate of the pharmaceutical group Sigma-Tau ("Sigma-Tau"), entered into a Third Amendment (the "Third Amendment") to the Joint Development and License Agreement dated effective as of June 18, 2010, as amended by the First Amendment to Joint Development and License Agreement dated December 21, 2010 and the Second Amendment to Joint Development and License Agreement dated May 21, 2011.

The Third Amendment eliminates Sigma-Tau's rights to develop and commercialize KALBITOR (ecallantide) in Taiwan, Singapore and South Korea. This reduction in territories removes Sigma-Tau's obligations to pay milestones, development costs or other compensation or reimbursement in relation to Taiwan, Singapore and South Korea. As a result, Sigma Tau's obligation to make an upfront payment of $3 million, which was payable to Dyax under the existing agreement on or before December 31, 2011, as well as downstream milestone and royalty payments related to the eliminated territories, has been terminated.

All other terms with respect to the rights and obligations under the agreements between Dyax and Sigma Tau remain unchanged.

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