Dyax Corp. has reached a mutual agreement with Genzyme Corporation to terminate their joint venture for the development and commercialisation of DX-88 for hereditary angioedema (HAE).

The termination agreement stipulates that Dyax will receive all the assets of the joint venture, including a 100 per cent ownership of DX-88 worldwide, as well as a $17 million cash payment. Genzyme will receive 4.4 million shares of Dyax common stock. Dyax anticipates that this will not affect the Company's 2007 operating activities or the ongoing development and regulatory timelines for DX-88 in HAE.

"This mutual agreement to end our long-standing relationship with Genzyme opens numerous commercialisation and partnering opportunities to optimise the value of our DX-88 franchise for both HAE and cardiothoracic surgery (CTS)," stated Henry E Blair, chairman and CEO of Dyax. "Our four-year partnership with Genzyme has provided us with the knowledge of orphan indications to move forward from here to complete the development of our HAE programme without any delays and reach out to the patient and physician communities to make DX-88 a success in the marketplace."

"The decision to end the HAE joint venture with Dyax is based on a mutual agreement as well as a focus on our rich portfolio of approximately 20 pivotal trials for new products and new indications that will contribute to our future growth," stated Henri A Termeer, president, chairman and CEO of Genzyme Corporation. "Our equity interest in Dyax reflects our continued belief in the approvability of DX-88 for HAE, which addresses a tremendous unmet medical need."