Needham & Company Reiterates a 'Buy' on Dyax Corp. (DYAX); Expand Current KALBITOR Commercialization Agreement to Include Latin America and Southeast Asia

Needham & Company reiterates a 'Buy' on Dyax Corp. (NASDAQ: DYAX), PT $4.

Needham analyst says, "Today, Dyax announced an expansion of its strategic partnership with Sigma-Tau for the development and commercialization of KALBITOR for the treatment of hereditary angioedema (HAE) and other therapeutic indications in Latin America (excluding Mexico and the Caribbean), Taiwan, Singapore and South Korea. Dyax will receive $7MM upfront and up to $10MM in milestone payments, in addition to sales milestones and royalties equal to 41% of net sales. Of note, Sigma-Tau already holds rights in Europe, North Africa, the Middle East, Russia, Australia and New Zealand under the existing agreement, and Dyax still retains rights to KALBITOR in other territories, including the US."

"We believe the addition of these new territories to the Sigma-Tau collaboration represents another important step in the global reach of KALBITOR to HAE patients: we view the 41% rate to be very favorable for Dyax."

For more ratings news on Dyax Corp. click here and for the rating history of Dyax Corp. click here.

Shares of Dyax Corp. closed at $2.29 yesterday.

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