Dyax (DYAX) Says Sigma-Tau's Taiwan, Singapore, South Korea KALBITOR Rights Eliminated
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In a Form 8-K, Dyax (Nasdaq: DYAX) disclosed Sigma-Tau's Defiante Farmaceutica S.A. entered into a third amendment under its joint development and license agreement dated effective as of June 18th, 2010.
The 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.
The 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.
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