Dyax licenses library to Serono

Biopharmaceutical company Dyax Corp. said today that it will license its antibody phage display libraries to Switzerland-based Serono SA for the discovery and development of therapeutic antibodies.

Under the terms of the agreement, Dyax, which is based in Cambridge, will receive license fees and full-time employee payments from Serono, as well as milestone payments and royalties based on net sales from any products developed from Dyax' libraries.(AP)