Sanofi-Aventis Deals with Dyax (NYSE:SNY)

Sanofi-Aventis has recently been very close to MA-based Dyax. Recently Sanofi-Aventis had made an announcement that they have entered into an agreement with Fovea Pharmaceuticals for US$ 540 million to partner with the pharmaceutical giant for eye therapy. Currently, Fovea Pharmaceuticals and Dyax were developing a drug for eye indication treatment. Additionally, Sanofi-Aventis entered into an exclusive collaboration and licensing deal with Dyax’s licensee, Merrimack Pharmaceuticals to acquire the rights to MM-121, an antibody for the treatment of cancer related diseases.

Sanofi-Aventis deal with Fovea Pharmaceuticals leaves Sanofi partnered with Dyax in a joint development agreement that covers DX-88, an early stage RVO (retinal vein occlusion) induced macular edema which is commonly known as swelling under the central area of the retina. Soon after the news about the Sanofi-Aventis agreement with Dyax, the shares of Dyax went up around 10 percent to $3.72, however it slide down during the closing trade and closed at $3.38.

The deal will help them develop drugs to treat RVO which is a common cause of vision loss that normally occurs due to blocking of blood flow through a retinal vein. The blood flow is blocked by a blood clot that clouds the vision of the patients.