Scorecard: Top partnering deals 2008

The partnering scorecard lists the top deals of 2008 based on published headline value in US dollars.

Partnering deal scorecard - top 25 - 2008

Last updated: January 6, 2009

Rank	Partners	Date	Value, US$m
1	GSK - Actelion	Jul '08	$3,200
2	Genzyme - Isis	Jan '08	$1,900
3	Celgene - Acceleron	Feb '08	$1,900
4	GSK - Mpex	Jun '08	$1,770
5	GSK - Cellzome	Sep '08	$1,500
6	GSK - Archemix	Dec '08	$1,430
7	Genzyme - Osiris	Nov '08	$1,380
8	Synta - Roche	Dec '08	$1,025
9	Takeda - Alnylam	May '08	$1,000
10	Takeda - Amgen	Feb '08	$900
11	AstraZeneca - MAP	Dec '08	$900
12	BMS - Exelixis	Dec '08	$855
13	GSK - Valeant	Aug '08	$820
14	GSK - Dynavax	Dec '08	$810
15	Roche - Thrombogenics	Jun '08	$775
16	Astellas - CoMentis	Apr '08	$760
17	Pfizer - Medivation	Sep '08	$725
18	BMS - PDL BioPharma	Aug '08	$710
19	Merck - Addex	Jan '08	$702
20	Nycomed - Immunomedics	Jul '08	$620
21	GSK - Regulus	Apr '08	$600
22	GSK - Affiris	Oct '08	$580
23	BMS - Accenture	Sep '08	$550
24	Kyowa Hakko - Amgen	Mar '08	$520
25	Sanofi-Aventis - Dyax	Feb '08	$500

Source: CurrentPartnering, 2008

Partnering scorecard in detail

1. GSK - Actelion

July 2008 - CNS - Phase III - Headline value: US$3,200m

GSK will receive exclusive worldwide rights to co-develop and co-commercialise almorexant. Actelion will continue to lead the ongoing development programme and potential registration for almorexant in the first indication, primary insomnia, with GSK contributing 40 per cent of the costs. Almorexant will also be studied in other orexin-related disorders and all costs related to these programmes will be shared equally.

Actelion will receive an upfront payment of CHF 150 million (approximately £66 million) and will be eligible for additional potential milestone payments of up to CHF 415 million in regards to the successful development and approval of almorexant in primary insomnia.In addition, Actelion will be eligible to receive additional milestone payments, pending successful development of two other major indications for almorexant yet to be evaluated through clinical investigation. If all three indications were successfully registered, approved and commercialised, and exceptional sales targets met for all these indications, Actelion would be eligible to receive additional potential milestone payments of up to CHF 2.735 billion. Also, costs and profits resulting from this collaboration will be shared equally between the two companies.

2. Genzyme - Isis

January 2008 - Cardiovascular - Phase III - Headline value: $1,900

Isis will transition development responsibility for mipomersen to Genzyme over the next two years. In addition to the up-front payment, Isis also has the opportunity to receive from Genzyme up to $825 million in development and regulatory milestone payments plus up to $750 million in commercial milestone payments.

Genzyme and Isis will share mipomersen profits 50/50 when annual worldwide revenues reach $2 billion or more. The profit share begins with a 70/30 Genzyme/Isis split and reaches 50/50 on a sliding scale as annual revenues ramp up to $2 billion.

Genzyme will pay Isis $150 million to purchase five million shares of Isis common stock for $30 per share upon Hart-Scott-Rodino clearance. Upon completion of final contracts, Genzyme will pay Isis a $175 million up-front mipomersen license fee. In addition to this initial $325 million, Isis has the potential to receive significant milestone payments for mipomersen, which is currently in phase 3 trials. Once the product is launched, the two companies will share profits.

3. Celgene - Acceleron

February 2008 - Cancer, Metabolic - Phase I - Headline value: $1,900m

The collaboration combines both companies’ resources and commitment to developing products for the treatment of cancer and cancer-related bone loss. In pre-clinical and early clinical studies, this innovative compound has reported success in key biomarkers of bone formation. The companies also signed an option agreement for certain discovery stage programs.

Under the terms of the agreement, Celgene and Acceleron will jointly develop, manufacture and commercialize Acceleron’s products for bone loss. Celgene will make an upfront payment to Acceleron of $50 million, which includes a $5 million equity investment in Acceleron. In addition, in the event of an initial public offering of Acceleron, Celgene will purchase a minimum of $7 million of Acceleron common stock.

4. GSK - Mpex

June 2008 - Infection - Discovery - Headline value: US$1,770m

The collaboration will focus on the discovery and development of novel drug regimens comprising Mpex's EPIs combined with GSK's novel development stage compounds as well as existing commercial antibiotics to improve potency and broaden the spectrum of antibacterial activity.

Under the terms of the agreement, Mpex will grant GlaxoSmithKline rights to product candidates developed under the collaboration that are directed to three different target product profiles and with the potential to deliver up to seven treatment options. Mpex will be responsible for the discovery of EPI drug candidates and the development of combination product candidates through clinical proof of concept, at which point GlaxoSmithKline will have an option to exclusively license each product candidate for further development and commercialization on a worldwide basis. Mpex will retain the right to further develop and commercialize product candidates for which GlaxoSmithKline does not exercise its option.

Mpex will receive an $8.5 million upfront payment and a $6.5 million equity financing commitment from GlaxoSmithKline. Contingent on achieving certain milestones, Mpex is eligible to receive development, regulatory and commercial milestones ranging up to $200 to $250 million for each product candidate. If GlaxoSmithKline exercises its option, Mpex will receive tiered royalties, which are dependent on sales achieved, for EPIs used in combination with commercially available antibiotics and with proprietary GSK antibiotics. GlaxoSmithKline will participate in the alliance through its Infectious Diseases Centre of Excellence for Drug Discovery (ID CEDD).

5. GSK - Cellzome

September 2008 - Immune - Discovery - Headline value: $1,500m

The alliance gives GSK access to Cellzome's significant expertise in identifying and developing selective kinase inhibitors and its proprietary Kinobeads technology.

GSK has exclusive options to license drug candidates from Cellzome's kinase programs directed against four identified targets, and three additional targets to be jointly identified by both parties. In the alliance, Cellzome will utilize its proprietary Kinobeads(TM) technology to discover novel small molecule inhibitors of these targets, and then will develop the most promising product candidates through to completion of a clinical proof of concept trial, unless GSK elects to exercise its option earlier. Cellzome is eligible to receive success-based milestones from GSK as product candidates are advanced. Upon Cellzome's achievement of clinical proof of concept for a product candidate for a particular kinase target, GSK would have an exclusive option to license all product candidates from that program. GSK would then assume full responsibility for further clinical development and commercialization on a worldwide basis. Cellzome retains the right to continue the development and commercialization of drug candidates if GSK chooses not to exercise its option to that program.

Under the terms of the agreement, Cellzome will receive upfront payments of GBP14.4 million comprised of both cash and equity. Cellzome is eligible for up to GBP118 million per program in potential development, regulatory and commercial milestones and up to double digit royalties on net sales of products resulting from the alliance.

6. GSK - Archemix

December 2008 - Gastrointestinal, Immunology - Discovery - Headline value: $1,430m

The alliance leverages Archemix’s unique expertise and intellectual property position in the discovery and development of aptamer therapeutics and provides GSK with an option to license product candidates directed at seven different aptamer targets with relevance in inflammatory disease.

Under the terms of the agreement, Archemix will receive $27.5 million in upfront payments from GSK, including a $6.5 million equity investment by GSK in the company. Archemix could also be eligible to receive up to $200 million in development, regulatory and sales milestone payments for each of the seven aptamer therapeutics which may be discovered and developed as part of the alliance. Archemix would also receive tiered royalties up to lower double digits on worldwide sales of products that may result from the alliance.

7. Genzyme - Osiris

November 2008 - Cardiovascular, Immunology, Gastrointestinal, Metabolic, Respiratory - Phase II, Phase III - Headline value: $1,380m

Osiris will commercialize Prochymal and Chondrogen in the United States and Canada, and Genzyme will commercialize the treatments in all other countries. Genzyme will make an up-front payment of $130 million to Osiris, plus potential significant milestone and royalty payments.

8. Roche - Synta

December 2008 - Immunology - Discovery - Headline value: $1,025m

Synta will conduct research on compounds that could become treatments for inflammatory diseases. Switzerland-based Roche will fund the research for an initial two-year period and receive worldwide rights to develop and sell three products.

In return, Synta receives $25 million in upfront license fees and is eligible to receive $245 million in development milestones for the first product, and up to $122.5 million each for the second and third products. Synta is also eligible for sales milestone payments up to $170 million for each of the three products.

Synta will receive tiered royalties on all product sales and retains the right, in indications other than rheumatoid arthritis, to co-develop and co-promote in the U.S. at Roche's expense.

9. Takeda - Alnylam

May 2008 - Cancer, Metabolic - Discovery - Headline value: $1,000m

This collaboration provides Takeda with broad, worldwide, non-exclusive access to and enablement with Alnylam's RNAi therapeutics platform technology and intellectual property in the fields of oncology and metabolic disease, with the right to expand the number of therapeutic fields in the future. The agreement also includes the transfer of platform technology from Alnylam to Takeda, a collaboration and cross-license of delivery technologies between the two companies, and a drug discovery collaboration on certain RNAi therapeutic targets, subject to certain Alnylam third party obligations.

Takeda becomes Alnylam's strategic partner for RNAi therapeutics over a five-year period and the only Asian company to obtain a right of first negotiation to develop and commercialize Alnylam RNAi therapeutic development programs for the Asian market, excluding Alnylam's ALN-RSV01 program. In addition, Alnylam obtains opt-in options to co-develop and co-commercialize Takeda RNAi therapeutic programs in the U.S. market on a 50-50 basis.

The partnership includes $100 million in upfront payments and $50 million in near-term technology transfer payments for a non-exclusive license in two therapeutic fields and is valued at potentially over $1 billion in future research and development and commercial milestones, upon successful commercialization of multiple products. At Takeda's option, the scope of the partnership can be expanded to include additional fields with a $50 million per field expansion payment. Alnylam is also eligible to receive research and development funding related to the drug discovery collaboration. In addition, Alnylam is eligible to receive up to $171 million in development and commercial milestone payments and significant royalties per product.

10. Takeda - Amgen

February 2008 - Cancer, Inflammatory, Pain - Market - Headline value: $900m

The collaboration includes early to mid-stage clinical-stage candidates across a range of therapeutic areas, including oncology, inflammation, and pain.

The financial terms include an upfront cash payment to Amgen of $200 million. Takeda will also pay to Amgen up to $340 million in expected worldwide development costs for these molecules over the next several years, $362 million in success-based milestone payments, and double digit royalties on sales in Japan. Additionally, Takeda plans to acquire all the shares of Amgen's Japanese subsidiary, Amgen KK. We anticipate the share transaction to close in the first quarter.

In addition, Takeda will become Amgen's worldwide partner for motesanib diphosphate (AMG 706), and will pay Amgen $100 million upfront, $175 million in success-based milestones for the first two indications, and double digit royalties on sales in Japan. Takeda will also pay 60 percent of ongoing clinical development expenses outside Japan and share potential profits outside Japan 50/50.

11. AstraZeneca - MAP

December 2008 - Respiratory - Phase III - Headline value: $900m

AstraZeneca will pay MAP Pharmaceuticals an upfront cash payment of $40 million and an additional $35 million upon the successful achievement of primary endpoint and safety results in the currently ongoing Phase III clinical study. In addition, upon the occurrence of certain events and conditions, MAP Pharmaceuticals is eligible to receive up to $240 million in other potential development and regulatory milestones.

The agreement also provides for additional progressively demanding sales performance-related milestone payments of up to $585 million in the event the product is a considerable commercial success.

12. BMS - Exelixis

December 2008 - Oncology - Phase I, III

Bristol-Myers Squibb agreed to pay Exelixis an upfront cash payment of $195 million for the development and commercialization rights to both programs and to make additional license payments of $45 million in 2009.

The companies have agreed to co-develop XL184. Exelixis will have the option to co-promote XL184 in the United States. The companies will share worldwide development costs and commercial profits on XL184 in the United States. Exelixis will be eligible to receive sales performance milestones of up to $150 million and double-digit royalties on sales outside the United States. The clinical development of XL184 will be directed by a joint committee. It is anticipated that Exelixis will conduct a significant portion of clinical development activities through 2010. Exelixis may opt out of the co-development of XL184, in which case Exelixis would instead be eligible to receive development and regulatory milestones of up to $295 million, double-digit royalties on XL184 product sales worldwide, and sales performance milestones.

Bristol-Myers Squibb will receive an exclusive worldwide license to develop and commercialize XL281 and will be responsible for funding all future development. Exelixis is eligible for development and regulatory milestones of up to $315 million, sales performance milestones of up to $150 million and double-digit royalties on worldwide sales of XL281.

13. GSK - Valeant

August 2008 - CNS - Phase III - Headline value: US$820m

Valeant will grant GSK worldwide development and commercialization rights to retigabine, VRX698 and the other back-up compounds from the potassium channel opener discovery program in exchange for an upfront payment of $125 million to Valeant. Additionally, GSK will pay Valeant up to $545 million based on the achievement of certain regulatory, development and commercialization milestones and the development of additional indications for retigabine. Valeant will co-commercialize with GSK and will share up to 50 percent of net profits within the U.S., Canada, Australia, New Zealand and Puerto Rico, and will receive up to a 20 percent royalty on net sales of retigabine outside those regions.

The two companies will jointly fund all global research and development expenses for retigabine, and GSK will completely fund the development of VRX698 and the other back-up compounds from the potassium channel opener discovery program. Valeant could receive up to an additional $150 million based on the achievement of certain regulatory, development and commercial milestones for VRX698 and the back-up compounds and double-digit royalties on worldwide sales.

14. GSK - Dynavax

December 2008 - Dermatology, Immunology - Discovery - Headline value: $810m

Dynavax will receive an initial payment of $10 million for which GSK will receive an exclusive option over four programmes targeting autoimmune and inflammatory diseases such as lupus, psoriasis, and rheumatoid arthritis.

Dynavax is to conduct research and early clinical development in up to four programmes and is eligible to receive future potential development and commercialisation milestones totaling approximately $200 million per programme. GSK can exercise its exclusive option to license each programme upon achievement of proof-of-concept or earlier upon certain circumstances. After exercising its option, GSK will carry out further development and commercialisation of these products. Dynavax will receive tiered, up to double-digit royalties on sales and has retained an option to co-develop and co-promote one specified product.

15. Roche - Thrombogenics

June 2008 - Oncology - Phase I - Headline value: US$775m

Under the terms of the agreement effective from June 17, 2008 (or if a U.S. anti-trust clearance is required, from the date of receipt of such clearance), Roche will pay BioInvent and ThromboGenics an upfront payment of €50 million. In addition, BioInvent and ThromboGenics could potentially receive up to €450 million over the term of the collaboration based on the successful completion of a series of development and commercial milestones for multiple indications, as well as double digit royalties on potential product sales, including any backup antibodies based on inhibition of PlGF. ThromboGenics, which discovered TB-403, will receive 60% and BioInvent 40% of the revenue from the deal. Roche will have a worldwide, exclusive license to develop and commercialize TB-403. BioInvent and ThromboGenics will retain co-promotion rights for the product in the Nordic, Baltic and Benelux regions.

BioInvent and ThromboGenics are responsible for any remaining costs associated with the recently completed Phase Ia trial in healthy volunteers. Roche will assume responsibility for all future development costs for this novel therapy, including the costs of the pending Phase Ib trial in patients to be run by BioInvent and ThromboGenics.

BioInvent and ThromboGenics in conjunction with Roche will form a Joint Steering Committee to oversee research and development activities. In addition, Roche will also provide funding to BioInvent and ThromboGenics for research on non-cancer indications and supply of clinical material until transfer of manufacturing.

16. Astellas - CoMentis

April 2008 - CNS - Phase I - Headline value: $760m

An exclusive worldwide collaboration agreement to develop and commercialize products from CoMentis’ beta-secretase inhibitor program, including CoMentis’ lead candidate compound CTS-21166, an orally bioavailable, small-molecule beta-secretase inhibitor which is being developed as a disease-modifying treatment for Alzheimer’s disease. The agreement also includes a research collaboration to develop additional beta-secretase inhibitors.

Upon closing, CoMentis will receive an upfront payment of $80 million and an equity investment of $20 million. CoMentis has the opportunity to receive up to $660 million in development milestones and may also receive performance-based commercialization milestones.

In addition, CoMentis has the right to receive development milestones for next-generation beta-secretase inhibitors discovered under the terms of the research collaboration. Astellas will fund 100% of the pre-Phase III global development costs and CoMentis will share the Phase III development costs.

Astellas has exclusive worldwide commercialization rights while CoMentis retains the right to co-promote in the U.S., where profit will be shared. CoMentis will receive royalties on sales outside the U.S.

17. Pfizer - Medivation

September 2008 - CNS - Phase III - Headline value: US$725m

Medivation will receive an up-front cash payment of $225 million. Medivation also is eligible to receive payments of up to $500 million upon the attainment of development and regulatory milestones plus additional undisclosed commercial milestone payments.

Medivation and Pfizer will collaborate on the Phase III program in Alzheimer's disease, Huntington's disease development and regulatory filings in the United States. The companies will share all U.S. development and commercialization expenses along with U.S. profits/losses on a 60 percent/40 percent basis, with Pfizer assuming the larger share of both expenses and profit/losses. In addition, Medivation will co-promote Dimebon to specialty physicians in the U.S.

Pfizer will have responsibility for development, regulatory and commercialization outside the U.S. and will pay Medivation tiered royalties on commercial sales outside of the U.S.

18. BMS - PDL BioPharma

August 2008 - Oncology - Phase I - Headline value: US$710m

Bristol-Myers Squibb would pay PDL BioPharma an upfront cash payment of $30 million for the development and marketing rights to elotuzumab and for an option to expand the collaboration to include PDL241, another anti-CS1 antibody, upon completion of pre-agreed preclinical studies. PDL BioPharma could receive additional payments of up to $480 million based on pre-defined development and regulatory milestones and up to $200 million based on pre-defined sales-based milestones for elotuzumab in multiple myeloma and other potential oncology indications.

The companies will share development costs, with Bristol-Myers Squibb providing 80 percent of the funding and PDL BioPharma providing 20 percent. Bristol-Myers Squibb will lead global development activities, and PDL BioPharma will complete the ongoing Phase I program and provide support for Phase II studies. The companies would share profits on sales of elozutumab in the U.S. PDL BioPharma would receive royalties on net sales of elotuzumab outside the U.S.

If Bristol-Myers Squibb exercises its option to expand the collaboration to include PDL241, PDL BioPharma would receive an additional cash payment of $15 million and could receive additional payments of up to $230 million based on pre-defined development and regulatory milestones and up to $200 million based on pre-defined sales-based milestones. The same division of development costs and profit sharing that apply to elotuzumab would apply to PDL241.

19. Nycomed - Immunomedics

July 2008 - Inflammatory - Phase II - Headline value: US$620m

Immunomedics will receive a non refundable initial cash payment of $40 million, subject to applicable Hart-Scott-Rodino Act approval, and could receive potential cash milestone payments of up to $580 million upon completion of certain clinical, regulatory, and sales-based milestones, as well as escalating double-digit royalties on sales of veltuzumab.

Nycomed will develop veltuzumab in rheumatoid arthritis (RA) as the primary indication. Anti-CD20 antibodies are considered to be one of the strongest growing segments within the RA market and offer additional market potential by extending into other autoimmune and inflammatory diseases. The agreement also provides Immunomedics with an option to co-promote veltuzumab for the immune thrombocytopenic purpura (ITP) indication, which is an autoimmune disease treated by the same physician specialty (hematologists/oncologists) that treat blood cancers such as non-Hodgkin's lymphoma (NHL) and chronic lymphocytic leukemia (CLL). If Immunomedics exercises its option, it will have sole responsibility for all sales calls for ITP in the United States, with profits from these sales shared between the two companies in accordance with a pre-arranged percentage allocation.

Nycomed will be responsible for all costs associated with current and future clinical development, manufacturing and commercialization of veltuzumab in subcutaneous formulation for all non-cancer indications. Immunomedics will continue to conduct the ongoing Phase I/II trial in ITP and will be reimbursed by Nycomed for all such expenses.

20. Merck - Addex

January 2008 - CNS - Preclinical - Headline value: $702m

Under the terms of the agreement, Addex will receive $22 million upfront and is eligible for up to $455 million in research, development, regulatory and sales milestones for the first product developed for two indications and up to $225 million in additional development, regulatory and sales milestones for a second product developed in two indications. Addex is eligible to receive royalties on sales of any products resulting from this collaboration.

In addition, Addex has an option to co-promote in certain European Union countries and will participate in the joint oversight committee for further development that will be led by Merck.

21. GSK - Regulus

April 2008 - Inflammation - Discovery - Headline value: $600m

Worldwide strategic alliance to discover, develop and market novel microRNA-targeted therapeutics to treat inflammatory diseases such as rheumatoid arthritis and inflammatory bowel disease.

The alliance leverages Regulus’ unique expertise and intellectual property position in the discovery and development of microRNA-targeted therapeutics and provides GSK with an option to license product candidates directed at four different microRNA targets with relevance in inflammatory disease.

Regulus will be responsible for the discovery and development of the microRNA antagonists through completion of clinical proof of concept, unless GSK chooses to exercise its option earlier. After exercise of the option, GSK will have an exclusive license to drugs developed under each program by Regulus for the relevant microRNA target for further development and commercialization on a worldwide basis.

Regulus will have the right to further develop and commercialize any microRNA therapeutics which GSK chooses not to develop or commercialize.

Regulus will receive $20 million in upfront payments from GSK, including a $15 million option fee and a $5 million note (guaranteed by Isis and Alnylam) that will convert into Regulus common stock in the future under certain specified circumstances. Regulus could also be eligible to receive up to $144.5 million in development, regulatory and sales milestone payments for each of the four microRNA-targeted therapeutics discovered and developed as part of the alliance.

In addition to the potential of nearly $600 million Regulus could receive in option, license and milestone payments, Regulus would also receive tiered royalties up to double digits on worldwide sales of products resulting from the alliance.

22. GSK - Affiris

October 2008 - CNS - Preclinical, Phase I - Headline value: $580m

As part of the agreement, GSK is acquiring exclusive rights to develop and commercialise two Alzheimer’s disease vaccine candidates that are based on AFFiRiS AFFiTOPE technology and are currently in Phase I clinical development. AFFiRiS is also granting GSK an exclusive option to develop and commercialise alternative Alzheimer’s disease vaccine candidates which are in preclinical development.

Under the terms of the agreement, AFFiRiS will receive an up-front payment of €22.5 million (£17.5 million) and could be eligible for future milestone payments and royalties. The total potential value of the agreement could reach €430 million (£334 million) in the event of full commercial success of the candidate vaccines. This agreement is subject to governmental authority approval.

23. BMS - Accenture

September 2008 - IT, financial services - Headline value: US$550m

The “bundled” services agreement extends a four-year outsourcing agreement the two companies signed in 2004 for application maintenance and accounts payable services and expands the scope to include additional application maintenance services, application development services and global financial support services.

The agreement provides dedicated global IT and financial support services to Bristol-Myers Squibb to help achieve operational cost savings and flexibility. The agreement is also designed to enable Bristol-Myers Squibb to more effectively manage its business, by providing a variable cost structure to address varying economic factors, such as patent lifecycles.

24. Kyowa Hakko - Amgen

March 2008 - Inflammation, Oncology - Phase I - Headline value: $520m

Agreement under which Amgen will receive an exclusive license to develop and commercialize Kyowa Hakko's humanized monoclonal antibody KW-0761 worldwide, except in Japan, Korea, China and Taiwan. Kyowa Hakko will retain the development and commercialization rights in these countries.

Under the terms of the deal, Amgen will make an upfront payment to Kyowa Hakko of $100 million. Kyowa Hakko could receive up to $420 million in additional payments, including development, approval and sales milestones. Kyowa Hakko will also be entitled to receive double digit royalties on sales.

25. Sanofi-Aventis - Dyax

February 2008 - Oncology - Preclinic - Headline value: $500m

Agreement in which sanofi-aventis has been granted an exclusive worldwide license for the development and commercialization of the fully human monoclonal antibody DX-2240, as well as a nonexclusive license to Dyax's proprietary antibody phage display technology.

Under the terms of the two agreements, Dyax is eligible to receive up to $500 million in license fees and milestone payments in the case of full commercial success of the first five antibody candidates, including DX-2240. Dyax will receive $25 million in 2008. In addition, Dyax is eligible to receive royalties based on commercial sales of DX-2240 and other antibodies developed by sanofi-aventis.

As exclusive licensee, sanofi-aventis will be responsible for the ongoing development, commercialization and consolidation of sales of DX-2240. For certain other future antibody product candidates discovered by sanofi-aventis, Dyax will retain co-development and profit sharing rights, while sanofi-aventis will maintain the leadership in development and commercialization, and book sales worldwide.