UPDATE 1-Dyax, CMIC to develop, market angioedema drug
* Dyax to get $4 mln upfront
* Eligible to get $102 mln in milestone payments (Adds detail, background)
Sept 30 (Reuters) - Dyax Corp (DYAX.O) and CMIC Co Ltd have agreed to develop Dyax's DX-88 treatment for hereditary angioedema (HAE) and other indications, and market it in Japan.
Under the terms of the deal, CMIC will make a $4 million upfront payment to Dyax.
Dyax will also be eligible to receive over $102 million in development sales milestones and royalties equal to 20-24 percent of net sales of the product.
CMIC will be solely responsible for all costs associated with development, regulatory activities, and commercialisation of DX-88 for all angioedema indications in Japan.
The drug has received U.S. Food and Drug Administration approval for the treatment of acute attacks of hereditary angioedema (HAE) in patients aged 16 or older.
HAE is an inherited disorder that causes painful swelling of the skin, intestine, mouth and sometimes the throat.
Dyax's shares closed at $2.35 Wednesday on Nasdaq. (Reporting by Mansi Dutta in Bangalore; Editing by Will Waterman)