Glenmark Pharmaceuticals S,A., the wholly-owned Swiss subsidiary of Glenmark Pharmaceuticals today announced having entered into a funded research agreement for the discovery of therapeutic antibodies with Swiss biotechnology researcher Dyax.

Dyax Corp. is focused on researching novel biotherapeutics for unmet medical needs, particularly on cancer and inflammatory indications. Dyax utilises its proprietary drug discovery technology to identify antibody, small protein and peptide compounds for clinical development.

Under the terms of this agreement, Dyax will perform funded research to identify therapeutic antibodies for three targets provided by Glenmark.

Furthermore, these research activities may be expanded to include additional targets. Dyax will receive technology license fees and full time employee payments from Glenmark for funded research as well as clinical milestone payments and royalties on net sales that may result from Glenmark''s development and commercialisation of antibodies from Dyax''s libraries.

The agreement also provides Glenmark with sublicenses to relevant third-party antibody phage display patents that may be used with Dyax''s technology.

Glenn Saidanha, managing director and CEO, Glenmark, said, "This is a very important step in Glenmark''s entry in the field of ''novel biologics research''. Oncology and inflammation are areas of large unmet medical needs. Our strategy to supplement NCE research with biologics research would allow us to build a strong pipeline in this area. We expect the first biologic product from Glenmark to enter clinics in 2009."