<PAGE>
EXHIBIT 99.1
Dyax and Bracco Announce Diagnostic Imaging Collaboration
Cambridge, Mass., Princeton, N.J.; Milan, Italy, Nov. 6 -- Dyax Corp.
(Nasdaq: DYAX) and Bracco Group announced today that they have entered into a
strategic alliance to exploit diagnostic imaging and related therapeutic
applications of Dyax's proprietary phage display technology. Bracco has been
granted exclusive worldwide rights to the Dyax technology for development of
diagnostic imaging products, including the right to develop and commercialize
existing Dyax inflammation, cardiovascular and oncology imaging product leads.
Dyax's license to Bracco includes all patents, libraries and know-how related to
its phage display technology, as well as future improvements and new
technologies. Phage display is a high-throughput discovery method developed and
patented by Dyax scientists to identify proteins, peptides and human monoclonal
antibodies, which bind tightly and specifically to diagnostic and therapeutic
targets.
Under the terms of the collaboration, Bracco will pay Dyax a $3 million
up-front licensing fee plus an additional $3 million per year in research
funding over the next three to six years. Dyax will also receive development
milestones and royalties on product sales.
Diana Bracco, President and CEO of Bracco Group (Headquartered in
Milan, Italy) said "Our group continues to invest heavily in research and
innovation, as factors vital to our competitiveness and growth. The alliance
with Dyax is a further step in our strategy to combine in-house research with
that of collaboration partners at the cutting edge of technology". Michael
Tweedle, President of Bracco Research USA Inc (one of the Group research
centers, headquartered in Princeton NJ) added, "We believe that Dyax's phage
display technology is the premier biodiversity discovery platform. Our
collaboration with Dyax is a major step in our concerted pursuit of new
technologies to enhance our R&D capability and business base."
"Through this collaboration, Dyax now has a strong strategic partner
who we believe can most effectively exploit our technologies in the diagnostic
imaging field," commented Henry Blair, Dyax Corp. CEO. "Bracco has the market
strength, scientific capability and strategic vision to fully capitalize on the
unique opportunities for revolutionary imaging products presented by our phage
display technology. We are also excited about the therapeutic product
opportunities now present based on our combined technologies."
Dyax Corp. is a biopharmaceutical company that has developed and
patented phage display technology with applications in the discovery and
development of a broad range of compounds for the treatment and diagnosis of
diseases and for the purification of biopharmaceuticals and drugs. Through the
use of phage display technology, Dyax's scientists, collaborators and licensees
discover peptides and proteins, including human antibodies, which bind tightly
to specific molecular targets. The Company also develops, manufactures and sells
chromatography separations systems and products under the Biotage trade name.
Bracco is among the worldwide leaders in the research and development
of medical diagnostic imaging agents used in x-ray imaging, computed tomography,
magnetic resonance imaging, ultrasound imaging and nuclear imaging. With
worldwide sales of $977 million (1999) the Bracco Group is currently doing
business in over 115 countries and employs over 3,000 people worldwide. Company
information can be found on the Web at www.bracco.com.
<PAGE>
This press release contains forward-looking statements, including
statements regarding the prospects of the collaboration with Bracco and Dyax's
research and development programs, revenues and technologies. Statements that
are not historical facts are based on Dyax's current expectations, beliefs,
assumptions, estimates, forecasts and projections about the industry and markets
in which Dyax competes. The statements contained in this release are not
guarantees of future performance and involve certain risks, uncertainties and
assumptions which are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed in such forward- looking
statements. Important factors which may affect future operating results and the
value of Dyax Common Stock include Dyax's dependence on the expertise, effort,
priorities and contractual obligations of Bracco in the development,
manufacture, marketing, sale and distribution of imaging products developed
using Dyax technology; the risk that imaging products developed by Bracco take a
significantly longer time to gain regulatory approval than Dyax expects or may
never gain approval; the risk that any phage display-derived imaging products
may not gain market acceptance or may be made less effective or obsolete by
competing technologies or products; Dyax's ability to obtain and maintain
intellectual property protection for its technologies; and other risk factors
described in Dyax's Prospectus, dated August 14, 2000, included as a part of its
Registration Statement on Form S-1, Commission File No. 333- 37394, filed with
the Securities and Exchange Commission.
Contact:
Steve Galliker
Chief Financial Officer
Dyax Corp.
(617) 225-2500
Michael Tweedle
President
Bracco Research USA Inc
(609) 514-2434
Mark Alvino
Vice President
Feinstein Kean Healthcare
(617) 570-8110
Monica Andreucci
Public Relations
Bracco Group
Milan, Italy
39 02 2177 2351
