Document:

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                                                                 Exhibit 10.28

                          JOINT COLLABORATION AGREEMENT

THIS LICENSE AGREEMENT (this "Agreement"), effective as of October 1, 1997 (the
"Effective Date"), is between DYAX CORP., a Delaware corporation, having places
of business at One Kendall Square, Bldg. 600, 5th Fl., Cambridge, Massachusetts
02139 and 1500 Avon Street Extended, Charlottesville, VA 22902 ("DYAX"); and
CROPTECH DEVELOPMENT CORPORATION, a Virginia corporation, having its principal
place of business at 1861 Pratt Drive, Blacksburg, Virginia 24060 ("CROPTECH").

                                    RECITALS

WHEREAS, DYAX and CROPTECH have submitted a proposal to the Advanced Technology
Program administered by the National Institute of Standards and Technology
("NIST") to undertake a joint venture to conduct the Researched Program, as
defined herein;

WHEREAS, NIST has selected such proposal for funding, with such funding to be
governed by a NIST Cooperative Agreement;

WHEREAS, DYAX and CROPTECH wish to enter into an agreement setting forth their
respective rights and responsibilities in respect to the Research Program.

WHEREAS, the Parties have selected CropTech Development Corporation to serve as
the Administrator (the "Administrator") for the joint venture and wish to
authorize that organization to perform certain functions, specifically including
execution of the NIST Cooperative Agreement and thereby binding all the Parties
to the terms and conditions of that Agreement.

NOW, THEREFORE, in consideration of the mutual covenants set forth in this
Agreement, the parties hereby agree as follows:

                             ARTICLE 1. DEFINITIONS

For purposes of this Agreement, the terms defined in this Article shall have the
meanings specified below:

1.1. "CropTech Technology" shall mean any and all know-how,  data, technology,
equipment,  biological  or chemical  materials,  inventions  and patent rights
relating to ************* and the ************* (including,

                                       1
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without limitation the *************), which is owned or controlled by CROPTECH
prior to the Effective Date or which results from the Research Program.

1.2. "Dyax Technology" shall mean any and all know-how, data, technology,
equipment, biological or chemical materials, inventions and patent rights
relating to ************* (including, without limitation, *************), and
which is owned or controlled by DYAX prior to the Effective Date or which
results from the Research Program.

1.3. "Government Use License" shall mean a non-exclusive, non-transferrable,
irrevocable, paid-up license which may be granted to the United States
government as set forth in Section 2.4(d) below.

1.4. "Party" or "Parties" shall mean the parties identified in the Form
NIST-Form-1263 contained in the proposal.

1.5. "Products" shall mean proteins and production technologies utilizing
CropTech Technology and Dyax Technology, and which are listed on Attachment C,
as may be amended from to time by the parties.

1.6. "Research Products" shall mean the research program as described on a
project by project basis in Attachment A, which may be amended from time to time
by the parties.

                           ARTICLE 2. RESEARCH PROGRAM

2.1. Conduct of Research Program. DYAX and CROPTECH agree to work together to
diligently conduct each project of the Research Program, as set forth in
Attachment A hereto, and to carry out their respective responsibilities as set
forth in the Research Program and the NIST Cooperative Agreement. Further, the
parties agree to contribute the funds and internal and external resources which
are set forth in the estimated multi-year budget set forth in Attachment B.

2.2. Administration of the Research Program. The parties agree that CropTech
Development Corporation shall serve as the administrator for the joint
collaboration ("Administrator") and is authorized to execute a NIST Cooperative
Agreement with NIST and communicate with NIST on the progress of each project of
the Research Program. DYAX and CROPTECH shall each promptly appoint two
representatives to a Management Committee. The Management Committee shall meet
no less frequently than semi-annually during Research Program and shall have the
following responsibilities:

      (i)   administering the Research Program in accordance with all legal and
            regulatory requirements, including review of all progress reports;

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      (ii)  monitor the expenditures of each party for each project in
            accordance with *************.

      (iii) discussing and reaching agreement on the ************* of Products
            resulting from each project of the Research Program.

2.3. Record & Reports. Each party shall retain industry standard records of all
data generated during the Research Program. During the Research Program, each
party shall provide the Management Committee, as defined below, with regular
written reports, no less frequently than *************, of the status of the
program and a summary of the data and results as of that date.

2.4. Ownership of Intellectual Property.

      (a)   The protection of intellectual property rights, including any
            invention conceived or first reduced to practice in the course of
            the Research Program, all technical information generated in the
            course of the Research Program and trade secrets under the Research
            Program will be in accordance with the NIST Cooperative Agreement
            and the Proposal which is attached to this Agreement as Attachment D
            subject to Section 2.4(d) below.

      (b)   DYAX shall own all Dyax Technology and CROPTECH shall own all
            CropTech Technology, subject to certain rights retained by the
            government in accordance with the NIST Cooperative Agreement.

      (c)   For inventions resulting from the Research Program, inventorship
            shall be determined in accordance with federal law governing patent
            inventors, and ownership shall be determined in accordance with (a)
            above. Each party shall have responsibility for the cost and
            decisions in filing for, maintaining and defending patent
            applications and patents for their respective inventions. Further
            each party shall provide reasonable cooperation to the other on such
            patent matters.

      (d)   The United States may reserve a nonexclusive, nontransferable,
            irrevocable paid-up license to practice or have practiced for or on
            behalf of the United States any intellectual property that arises
            out of the Research Program, but shall not, in the exercise of such
            license, publicly disclose proprietary information related to such
            license.

      (e)   Dyax and CropTech hereby authorize that, in accordance with the
            Advanced Technology Program rules and regulations, specifically 15
            CFR ss.295.8(a)(1), title to

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            inventions arising from assistance by the Program will vest in a
            company or companies incorporated in the United States. Title to any
            such intellectual property shall not be transferred or passed,
            except to a company incorporated in the United States, until the
            expiration of the first patent obtained in connection with such
            intellectual property. Nothing in this paragraph shall be construed
            to prohibit the licensing to any company of intellectual property
            rights arising from assistance provided under this Section.

2.5. Confidential Information. In connection with the performance of their
respective obligations under this Agreement, each party intends to disclose
certain confidential information and materials to the other party, to include
CropTech Technology and Dyax Technology (the "Confidential Information"). During
the term of this Agreement and for a period of ************* thereafter, each
party shall maintain all Confidential Information in strict confidence, except
that the receiving party may disclose or permit the disclosure of any
Confidential Information to its directors, officers, employees, consultants,
advisors and commercial partner candidates who are obligated to maintain the
confidential nature of such Confidential Information and who need to know such
Confidential Information for the purposes set forth in this Agreement; and each
party shall use all Confidential Information solely for the purposes set forth
in this Agreement. The obligations of confidentiality and non-use set forth
above shall not apply to the extent that the receiving party can demonstrate
that Confidential Information: was in the public domain or became party of the
public domain prior through no fault of the receiving party; was independently
developed or discovered by the receiving party prior to the time of its
disclosure under this Agreement; is or was disclosed to the receiving party at
any time by a third party having no obligation of confidentiality with respect
to such Confidential Information; or is required to be disclosed to comply with
applicable laws or regulations, or with a court or administrative order.

                   ARTICLE 3. COMMERCIAL RIGHTS & OBLIGATIONS

3.1. Commercialization of Products. No later than ************* of completion of
each project set forth in the Research Program, the parties shall meet and
negotiate and agree upon a ************* for the Product resulting from each
project, the terms of which shall be set forth in a *************. If the
parties are unable to reach agreement for any Product, the matter shall be
resolved in accordance with Section 6.2 herein.

3.2. No Rights of License. Except for the rights set forth in this Agreement,
neither DYAX nor CROPTECH grants to the other party any rights or licenses to
any of its trade secrets, know-how, technology, intellectual property or patent
rights.

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           ARTICLE 4. REPRESENTATIONS AND WARRANTIES & INDEMNIFICATION

4.1. Representations and Warranties. Each party represents and warrants to the
other that it has the legal right and power to enter into this Agreement, to
extend the rights and licenses granted to the other in this Agreement, and to
fully perform its obligations hereunder, and that the performance of such
obligations will not conflict with it charter documents or any agreements,
contracts, or other arrangements to which it is a party. Further, each party
represents and warrants to the other that it will be solely responsible for
analyzing, defending and/or licensing any patent rights of third parties which
relate to its activities for the Research Program.

4.2. Disclaimers. Nothing in this Agreement shall be construed as a warranty or
representation by either party of the success of the Research Program or of the
Dyax Technology or the CropTech Technology.

4.3. Indemnification by DYAX. DYAX agrees to indemnify, defend, and hold
harmless CROPTECH and its directors, officers, employees, and agents (the
"CROPTECH Indemnitees") against any liability, damage, loss or expense
(including reasonable attorneys fees and expenses of litigation) incurred by or
imposed upon any of the CROPTECH Indemnitees as a result of any claims, suits,
actions, demands, or judgments concerning the negligent, willful or infringement
acts of DYAX or its directors, officers, employees, and agents, including,
without limitation, any acts of patent infringement.

4.4. Indemnification by CROPTECH. CROPTECH agrees to indemnify, defend, and hold
harmless DYAX and its directors, officers, employees, and agents (the "DYAX
Indemnities") against any liability, damage, loss or expense (including
reasonable attorneys fees and expenses of litigation) incurred by or imposed
upon any of the DYAX Indemnities as a result of any claims, suits, actions,
demands, or judgments concerning the negligent, willful or infringement acts of
CROPTECH or its directors, officers, employees, and agents, including, without
limitation, any acts of patent infringement.

                        ARTICLE 5. TERM AND TERMINATION.

5.1. Term. Unless sooner terminated as provided herein, this Agreement shall
commence on the Effective Date and shall remain in effect until each
*************, as set forth in Article 3.

5.2. Voluntary Termination. Either party shall have the right to terminate this
Agreement for any reason upon 3 months notice during the Research Program. In
the event of such termination the rights and obligations of the parties shall be
governed by the NIST Cooperative Agreement.

                                       5
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5.3. Termination for Material Breach. In the event that either party commits a
material breach of any of its obligations under this Agreement, including
failure to make timely payment of any amounts due, the non-breaching party may
terminate this Agreement upon 60 days written notice to the other party, unless
the party in breach cures such breach within the 60 days notice period.

5.4. Effect of Termination. Notwithstanding anything to the contrary in this
Article 5, upon the expiration of termination of this Agreement, the following
provisions shall survive the expiration or termination of this Agreement:
Articles 4 & 6 and Sections 2.4, and any obligations to NIST or the other party
as set forth in the NIST Cooperative.

                            ARTICLE 6. MISCELLANEOUS

6.1. Notices. All notices required or permitted to be given pursuant to this
Agreement shall be in writing and shall be deemed to have been duly given upon
the date of receipt if delivered by hand, international overnight courier,
confirmed facsimile transmission, or registered or certified mail, return
receipt requested, postage prepaid to the following addresses or facsimile
numbers:

If to DYAX:                             If to CROPTECH:
Dyax Corp.                              CropTech Development Corporation
One Kendall Square                      1861 Pratt Drive
Bldg. 600 5th Fl.                       Blacksburg, VA 24060
Cambridge, MA 02139                     Attention: Chief Executive
Attention: Chief Executive Officer      Officer
Facsimile: (617) 225-2501               Facsimile: (540) 231-8223

Either party may change its designated address and facsimile number by notice to
the other party in the manner provided in this Section.

6.2. Dispute Resolution. In the event either party has a dispute regarding any
of the terms of this Agreement, that party shall notify the other party in
writing. The parties shall use their best efforts to resolve the dispute
amicably at the Management Committee, or if the Management Committee is
unsuccessful in reaching resolution, the parties shall refer the matter for
resolution by their Chief Executive Officers. If such attempts are not
successful in resolving the dispute within a period of ************* following
the notice of dispute, either party may refer the dispute to the American
Arbitration Association for hearing and resolution within *************, using
one mutually agreed upon arbitrator with industry experience relevant to this
Agreement and at a forum in the Charlottesville, Virginia area. Upon reference
of the dispute for arbitration, neither party shall contest such dispute in a
court of law until the completion of the arbitration process.

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6.3. Powers of Attorney. By signing this Agreement, the Parties grant to
Administrator a Power of Attorney for the sole purpose of binding each Party to
the terms and conditions of the NIST Cooperative Agreement.

6.4. Press Releases & Use of Names. The parties shall mutually agree upon any
press release or similar public disclosure concerning this Agreement.

6.5. Headings & Counterparts. All headings in this Agreement are for convenience
only and shall not affect the meaning of any provisions hereof. This Agreement
may be executed in one or more counterparts, each of which shall be deemed an
original, and all of which together shall be deemed to be one and the same
instrument.

6.6. Assignment. This Agreement may not be assigned by either party without the
prior written consent of the other party, except that either party may assign
this Agreement to any of its Affiliates or to a successor in connection with the
merger, consolidation, or sale of all or substantially all of its assets or that
portion of its business pertaining to the subject matter of this Agreement, with
prompt written notice to the other party of any such assignment.

6.7. Compliance With Law. Nothing in this Agreement shall be construed so as to
require the commission of any act contrary to law, and wherever there is any
conflict between any provision of this Agreement and any statute, law, ordinance
or treaty, the latter shall prevail, but in such event the affected provisions
of the Agreement shall be conformed and limited only to the extent necessary to
bring it within the applicable legal requirements.

6.8. Amendment and Waiver. This Agreement may be amended, supplemented, or
otherwise modified only by means of a written instrument signed by both parties.
Any waiver of any rights or failure to act in specific instance shall relate
only to such instance and shall not be construed as an agreement to waive any
rights or fail to act in any other instance, whether or not similar.

6.9. Precedence. Should there be any conflict between the terms and conditions
of this Agreement and the NIST Cooperative Agreement, the NIST Cooperative
Agreement shall take precedence.

6.10. Severability. In the event that any provision of this Agreement shall, for
any reason, be held to be invalid or unenforceable in any respect, such
invalidity or unenforceability shall not affect any other provision hereof, and
the parties

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shall negotiate in good faith to modify the Agreement to preserve their original
intent.

6.11. Entire Agreement. This Agreement constitutes the entire agreement between
the parties with respect to the subject matter hereof and supersedes all prior
agreements or understandings between the parties relating to the subject matter
hereof.

IN WITNESS WHEREOF, the undersigned have duly executed and delivered this
Agreement as a sealed instrument effective as of the date first above written.

DYAX CORP.                         CROPTECH DEVELOPMENT CORPORATION

By: /s/ Henry E. Blair             By: /s/ David N. Radin
Name: Henry E. Blair               Name: David N. Radin
Title: Chairman & CEO              Title: President

Attachments:

Attachment A: *************
Attachment B: *************
Attachment C: *************
Attachment D: *************

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                                  Attachment A

                      Research Program (project by project)

                                  *************

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                                  Attachment B
                                Multi-year Budget

                                  *************

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                                  Attachment C
                                    Products

                                  *************

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                                  Attachment D
                                  NIST Proposal

                                  *************

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                                                                 Exhibit 10.29

                              DEVELOPMENT AGREEMENT

                                       for

                   AFFINITY CHROMATOGRAPHY PURIFICATION MEDIA

THIS AGREEMENT,  effective as of September 29, 1997 (the "Effective Date"), is
made by and between DYAX CORP., a Delaware corporation ("DYAX"),  and GENETICS
INSTITUTE, INC. a Delaware corporation  ("CUSTOMER").

WHEREAS DYAX possesses technology and expertise related to the discovery of
proteins and peptides having novel binding properties and the development and
manufacture of affinity chromatography purification media for use in the
separation and purification of proteins;

WHEREAS CUSTOMER is engaged in the discovery, development and manufacture of
************* ("Customer Product");

WHEREAS DYAX and CUSTOMER wish to enter into a collaboration in which DYAX will
utilize its technology and expertise to develop for CUSTOMER a unique affinity
ligand and chromatography purification media (the "Dyax Product") for use by
CUSTOMER in the purification of Customer Product.

NOW, HEREBY the parties do hereby agree as follows:

                           ARTICLE 1. DISCOVERY PHASE

1.1. Conduct of Discovery Phase. DYAX agrees to devote commercially reasonable
resources and efforts to the diligent conduct of the work described in the
Discovery Phase section of the Work Plan Outline included in Exhibit 1 attached
hereto. The Discovery Phase shall commence on the Effective Date and is expected
to continue for a period of *************. The Discovery Phase shall end when
DYAX has delivered to CUSTOMER the Discovery Phase Deliverables described in the
Work Plan Outline. During the Discovery Phase, DYAX's Project Director shall
meet with representatives of CUSTOMER at the reasonable request of CUSTOMER to
respond to questions and facilitate the exchange of appropriate information on
the progress of the Discovery Phase. In addition, Dyax shall submit a quarterly
summary progress report to CUSTOMER and a final written report as set forth in
the Work Plan Outline.
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

1.2. Discovery Phase Payments. In consideration of the rights granted to
CUSTOMER herein and undertaking the Discovery Phase, CUSTOMER agrees to pay DYAX
************* of execution of this Agreement.

1.3. Initiation of the Development Phase. ************* following its receipt of
the Discovery Phase Deliverables, CUSTOMER shall notify DYAX in writing of
whether it intends to proceed to the Development Phase of the collaboration.
Prior to the initiation of work under the Development Phase, DYAX and CUSTOMER
shall negotiate in good faith any modifications to the Development Phase section
of the Work Plan Outline set forth in Exhibit 1 attached hereto and any
resulting change to the Development Phase payments, and the relevant provisions
of Exhibit 1 and Article 2 shall be amended accordingly by written agreement.

                          ARTICLE 2. DEVELOPMENT PHASE

2.1. Conduct of Development Phase. If CUSTOMER elects to proceed to the
Development Phase, DYAX agrees to devote commercially reasonable resources and
efforts to the diligent conduct of the work described in the Development Phase
section of the Work Plan Outline included in Exhibit 1 attached hereto, as such
section may be amended in accordance with Section 1.3 of this Agreement. The
Development Phase is expected to continue for a period of ************* and
shall end when DYAX has delivered to CUSTOMER the Development Phase Deliverables
described in the Development Phase Section of the Work Plan Outline, as such
section may be amended in accordance with Section 1.3 of this Agreement. During
the Development Phase, DYAX's Project Director shall meet with representatives
of CUSTOMER at the reasonable request of CUSTOMER to respond to questions and
facilitate the exchange of appropriate information on the progress of the
Development Phase. In addition, DYAX shall submit a quarterly summary progress
report to CUSTOMER and a final written report as set forth in the Work Plan
Outline.

2.2. Development Phase Payments.

      (a) In consideration of the performance by DYAX of the Development Phase,
CUSTOMER agrees to pay DYAX ************* for each Dyax Product candidate for
which DYAX is to initiate Development Phase work., payable with the written
notification pursuant to Section 1.3 of this Agreement or upon completion of any
negotiations entered into in accordance with such Section, whichever is later.
In the event CUSTOMER desires DYAX to expand the Development Phase
*************, CUSTOMER agrees to pay DYAX in advance ************* for each
additional *************; and

      (b) CUSTOMER further agrees to pay DYAX *************, payable within 30
days of the occurrence of the delivery by DYAX of the first ************* which
meets the Milestone requirements for the Development Phase set forth in the Work
Plan Outline.

      2.3 Initiation of the Optimization Phase. Within 60 days following its
receipt of the Development
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Phase Deliverables described in Exhibit 1, CUSTOMER shall notify DYAX in writing
of whether it intends to proceed to the Optimization Phase of the collaboration.
Prior to the start of work under the Optimization Phase, DYAX and CUSTOMER shall
negotiate in good faith an Optimization Phase section to be set forth in an
expanded Work Plan Outline and shall agree upon the Optimization Phase payments,
and Exhibit 1 and Article 3 of this Agreement shall be amended accordingly by
written agreement.

                          ARTICLE 3. OPTIMIZATION PHASE

3.1. Conduct of Optimization Phase. If CUSTOMER elects to proceed to the
Optimization Phase and subject to the successful completion of the negotiations
described in Section 2.3, DYAX agrees to devote commercially reasonable
resources and efforts to the diligent conduct of the work to be described in the
Optimization Phase section in the expanded Work Plan Outline of the amended
Exhibit 1. The Optimization Phase is expected to continue for a period to be
determined by such Work Plan Outline and shall end when DYAX has delivered to
CUSTOMER the Optimization Phase Deliverables described in such Work Plan
Outline. During the Optimization Phase, DYAX's Project Director shall meet with
representatives of CUSTOMER at the reasonable request of CUSTOMER to respond to
questions and facilitate the exchange of appropriate information on the progress
of the Optimization Phase. In addition, DYAX shall submit a quarterly summary
progress report to CUSTOMER and, if required by the expanded Work Plan Outline,
a final written report as set forth in the Work Plan Outline.

3.2. Optimization Phase Payments. In consideration of the performance by DYAX of
the Optimization Phase, CUSTOMER agrees to make the payments to DYAX agreed to
by DYAX and CUSTOMER in accordance with Section 2.3 of this Agreement.
*************. In further consideration of the performance by DYAX of the
Optimization Phase, CUSTOMER agrees to pay DYAX a ************* milestone,
payable upon completion of the Optimization Phase if the milestone is achieved.

                       ARTICLE 4. RIGHTS TO DYAX PRODUCTS

4.1 Within ************* of completion of the Development Phase or, if CUSTOMER
elects to proceed with the Optimization Phase, within ************* of
completion of the Optimization Phase, CUSTOMER shall notify DYAX of whether it
wishes to acquire an exclusive license to manufacture and use the Dyax Products
for the purification of Customer Product. If CUSTOMER does desire such a
license, then the parties shall promptly meet, negotiate in good faith and
mutually agree upon the terms and conditions of such license to CUSTOMER, which
shall be set forth in a license agreement. Such terms shall include payment of
*************.

                       ARTICLE 5. CONFIDENTIAL INFORMATION
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

5.1. Disclosure of Confidential Information.

      (a) In connection with the performance of their respective obligations
under this Agreement, each party intends to disclose certain confidential
information and materials to the other party relating to the Customer Product
and Dyax Products, including such information and materials as are developed
hereunder ( the "Confidential Information"). During the term of this Agreement
and for a period of (5) years thereafter, each party shall maintain all
Confidential Information in strict confidence, except that the Receiving Party
may disclose or permit the disclosure of any Confidential Information to its
directors, officers, employees, consultants, and advisors who are obligated to
maintain the confidential nature of such Confidential Information and who need
to know such Confidential Information for the purposes set forth in this
Agreement; and use all Confidential Information solely for the purposes set
forth in this Agreement.

      (b) The obligations of confidentiality and non-use set forth above shall
not apply to the extent that the Receiving Party can demonstrate that certain
Confidential Information: was in the public domain prior to the time of its
disclosure under this Agreement; entered the public domain after the time of its
disclosure under this Agreement through means other than an unauthorized
disclosure resulting from an act or omission by the Receiving Party; was
independently possessed, developed or discovered by the Receiving Party prior to
the time of its disclosure under this Agreement; or is or was disclosed to the
Receiving Party at any time, whether prior to or after the time of its
disclosure under this Agreement, by a third party having no fiduciary
relationship with the Disclosing Party and having no obligation of
confidentiality with respect to such Confidential Information; or is required to
be disclosed to comply with applicable laws or regulations, or with a court or
administrative order.

                        ARTICLE 6. INTELLECTUAL PROPERTY

6.1. Definitions. As used in this Agreement, the term "Invention" means any
development, conception, technique, process, invention, material, discovery, or
improvement, whether or not patentable, that arises as a result of the
performance of this Agreement. "Dyax Invention" shall mean an Invention, other
than a Customer Invention, that is discovered, developed, conceived, or reduced
to practice during the performance of this Agreement and which relates to the
Dyax Product candidates, *************. "Customer Invention" shall mean an
Invention, other than a Dyax Invention, that is discovered, developed,
conceived, or reduced to practice during the performance of this Agreement and
which relates to CUSTOMER's proprietary technology and/or Customer Product.
Inventions shall be characterized as Dyax Inventions or Customer Inventions
irrespective of whether such Inventions are made by DYAX or CUSTOMER. In order
to effect the foregoing, CUSTOMER agrees to assign to DYAX any interest it has
in any Dyax Invention and DYAX agrees to assign to CUSTOMER any interest it has
in Customer Inventions.

6.2. Ownership & Rights to Intellectual Property. DYAX shall have sole ownership
and control of all Dyax Inventions. CUSTOMER shall have sole ownership and
control of all Customer
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

Inventions. Each party's rights to any Invention relevant to the manufacture,
use and sale of a Dyax Product shall be governed by this Agreement and by any
License agreement between the parties.

                         ARTICLE 7. TERM AND TERMINATION

7.1. Term. This Agreement shall commence on the Effective Date and continue
until termination pursuant to this Article 8 or expiration as a result of
CUSTOMER's failure to proceed to continue with this Agreement or as a result of
CUSTOMER's termination pursuant to Section 7.2.

7.2. Termination by CUSTOMER . Provided that CUSTOMER has made all payments
specified in this Agreement which have become due and payable, CUSTOMER shall
have the right to terminate this Agreement at any time by giving *************
notice to DYAX. CUSTOMER agrees to promptly pay DYAX for uncompensated costs and
milestone payments for work completed by DYAX prior to the termination date,
including for any work done during the ************* termination notice period.
CUSTOMER agrees that no refund of any sums paid to DYAX shall be due upon any
such termination.

7.3. Termination for Material Breach. This Agreement may be terminated by either
party upon ************* notice to the other party if any provision hereof is
materially breached, unless such breach is corrected within the *************
notice period. Such termination right shall be in addition to, and not in lieu
of, any other rights or remedies available to the non-breaching party by law or
in equity.

7.4. Consequences of Termination and Survival. Upon any termination of this
Agreement by CUSTOMER or by DYAX pursuant to Section 7.3, any rights granted to
CUSTOMER under this Agreement shall cease and DYAX will have the unrestricted
and exclusive right to any Dyax Product, Dyax Inventions and the results of the
Work Plan Outline and CUSTOMER shall have the unrestricted and exclusive right
to any Customer Inventions. Termination of this Agreement shall not relieve
either party of its obligations incurred prior to termination. The provisions of
Article 5. and Article 6 and Section 7.4 shall survive expiration or termination
of this Agreement.

                          ARTICLE 8. GENERAL PROVISIONS

8.1. Notices. Any notices permitted or required by this Agreement shall be sent
by facsimile, registered mail or a recognized private mail carrier service and
shall be effective when received if sent and addressed as follows or to such
other address as may be designated by a party in writing:
<PAGE>

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

   If to DYAX:                    President, Separations Division
                                  Dyax Corp.
                                  One Kendall Square, Bldg. 600, 5th Fl.
                                  Cambridge, MA  02139
                                  Telephone: (617)225-2500
                                  Fax:       (617)225-2501

   If to CUSTOMER:                *************
                                  Genetics Institute, Inc.
                                  One Burtt Road
                                  Andover, MA  01810
                                  Telephone: *************
                                  Fax:       *************

   with a copy to:                *************
                                  Genetics Institute, Inc.
                                  87 Cambridge Park Drive
                                  Cambridge, MA  02140
                                  Fax:       *************

8.2. Entire Agreement; Amendment. This Agreement and the Exhibits set forth the
entire understanding of the parties with respect to the subject matter hereof
and supersedes all prior agreements, written and oral, between the parties. No
modification of any of the terms of this Agreement shall be deemed to be valid
unless it is in writing and signed by the party against whom enforcement is
sought.

8.3. Force Majeure. Neither party shall be held liable or responsible to the
other party nor be deemed to have defaulted under or breached this Agreement for
failure or delay in performing any term of this Agreement when such failure or
delay is caused by or results from causes beyond the reasonable control of the
affected party, including but not limited to fire, floods, embargoes, war, acts
of war (whether war is declared or not), riots, strikes, lockouts or other labor
disturbances, lawsuits, acts of God or acts, omissions or delays in acting by
any court, governmental authority or the other party.

8.4. Warranties. DYAX hereby represents and warrant to CUSTOMER that, to the
best of its knowledge, its use of the technologies and processes contemplated to
be used in performance of this Agreement and the use of the resulting Dyax
Product candidates and Dyax Products will not infringe the intellectual property
rights of any third party; provided, however, that such representation and
warranty shall exclude any intellectual property rights relating to Customer
Product. WITH RESPECT TO ANY DYAX PRODUCT CANDIDATE OR DYAX PRODUCT, DYAX
DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, WHETHER EXPRESSED OR IMPLIED,
INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR
A PARTICULAR PURPOSE, OR ANY WARRANTIES ARISING FROM COURSE OF DEALING OR USAGE
OF TRADE. Neither
<PAGE>

party shall be liable to the other for consequential, incidental, indirect or
punitive damages arising from the performance or nonperformance of such party
under this Agreement.

8.5. Waiver; Severability. No waiver by either party of any default, right or
remedy shall be effective unless in writing, nor shall any such waiver operate
as a waiver of any other or of the same default, right or remedy, respectively,
on a future occasion. In the event that any term or provision of this Agreement
shall violate any applicable statute, ordinance or rule of law in any
jurisdiction in which it is used, such provision shall be ineffective to the
extent of such violation without invalidating any other provision hereof.

8.6. Assignment. This Agreement may not be assigned or otherwise transferred by
either party without the consent of the other party; provided, however, that
either DYAX or CUSTOMER may, without such consent, assign its rights and
obligations under this Agreement (i) in connection with a corporate
reorganization to an affiliate, all or substantially all of the equity interest
of which is owned and controlled by such party or its parent corporation, or
(ii) in connection with a merger, consolidation or sale of substantially all of
such party's assets to an unrelated third party. Any permitted assignee shall
assume all obligations of its assignor under this Agreement.

8.7. Independent Parties. This Agreement shall not be deemed to create any
partnership, joint venture, or agency relationship between the parties. Each
party hereto is acting as an independent contractor.

8.8. Governing Law. This Agreement shall be governed by and construed under the
laws of the Commonwealth of Massachusetts.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

DYAX CORP.                         GENETICS INSTITUTE, INC.

By: /s/ L. Edward Cannon           By: /s/ Carl R. Illian
    ---------------------------        --------------------------

Name: _________________________    Name: ________________________

Title: ________________________    Title: _______________________

Exhibits
<PAGE>

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

Exhibit 1 - Work Plan Outline
<PAGE>

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

                                WORK PLAN OUTLINE

*************
<PAGE>

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

March 6, 1998

*************
*************
Genetics Institute, Inc.
One Burtt Road
Andover, MA  01810

Re: Development Agreement for Affinity Chromatography Purification Media between
Dyax Corp. and Genetics Institute, Inc. dated September 29, 1997 (the
"Agreement")

Dear *************:

      As we have discussed, we would like to amend the above-referenced
Agreement, as set forth below.

      Section 5.1.(a) of the Agreement shall be amended to add the following
sentence: "The parties also agree that a Receiving Party may disclose the
Confidential Information to existing and prospective commercial partners who are
under like obligations of confidentiality and non-use as set forth in this
Section 5.1, solely for evaluation in connection with purposes set forth in this
Agreement."

      If this agreement accurately sets forth the terms of the amendment, please
sign two copies of this letter and return one to me for our files.

                                    By and on behalf of
                                    DYAX CORP.

                                    By: __________________
                                          Pamela A. Hay
                                          Vice President, Licensing & Legal

AGREED by and on behalf of:
GENETICS INSTITUTE, INC.

________________________

<PAGE>

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

                                   AMENDMENT 1

                                     TO THE

                            DEVELOPMENT AGREEMENT FOR

                   AFFINITY CHROMOTOGRAPHY PURIFICATION MEDIA

      This Amendment (the "Amendment"), effective as of July 20, 1998, is made
by and between DYAX CORP. ("DYAX") and GENETICS INSTITUTE, INC. ("CUSTOMER").

      WHEREAS, DYAX and CUSTOMER are parties to a Development Agreement for
Affinity Chromotography Purification Media of September 29, 1997, as amended by
letter agreement dated March 6, 1998 (the "Agreement"); and

      WHEREAS, the parties wish to amend the Agreement, on the terms and
conditions set forth herein;

      NOW, THEREFORE, the parties hereto agree as follows:

      1. Exhibit 1. The sections entitled ************* set forth in Exhibit 1
to the Agreement are hereby deleted in their entirety and Attachment 1 to this
Amendment is hereby substituted in its place as the revised and complete work
plan outline for the *************.

      2. Development Phase. Section 2.2 of the Agreement is hereby deleted in
its entirety and the following language is hereby substituted in its place:

      "(a) In consideration of the performance by DYAX of Part A of the
      Development Phase, CUSTOMER agrees to pay DYAX *************. Such amounts
      shall be payable within 10 days of execution of this Amendment.

      (b) In consideration of the performance by DYAX of Part B of the
      Development Phase, CUSTOMER agrees to pay DYAX *************. Such amounts
      shall be payable *************.

      (c) In further consideration of the work undertaken by DYAX during the
      Development Phase, CUSTOMER agrees to pay DYAX ************* within 30
      days of DYAX's delivery to CUSTOMER ************* which meets the
      milestone requirements for the Development Phase set forth in Part C of
      the Work Plan Outline."

      3. Optimization Phase. Section 3.2 of the Agreement is hereby deleted in
its entirety and the following language is hereby substituted in its place:
<PAGE>

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

      "In consideration of the performance by DYAX of the Optimization Phase,
      DYAX and CUSTOMER shall mutually agree on the amount to be paid by
      CUSTOMER for the Optimization Phase in accordance with Section 2.3.
      ************* of such agreed-upon amount shall be paid by CUSTOMER at the
      initiation of the Optimization Phase and ************* of such agreed-upon
      amount shall be paid by CUSTOMER upon the completion of the Optimization
      Phase. In further consideration of the performance by DYAX of the
      Optimization Phase, CUSTOMER shall pay DYAX a milestone fee of
      ************* if the milestone is achieved. The milestone shall be a
      process performance milestone mutually agreed to by the parties in
      accordance with Section 2.3. The milestone fee *************."

      4. Rights to Dyax Products. Article 4 of the Agreement is hereby deleted
in its entirety and the following language is hereby substituted in its place:

      "4.1. General. Within ************* of completion of the Development
      Phase, or if CUSTOMER elects to proceed with the Optimization Phase,
      within ************* of completion of the Optimization Phase, CUSTOMER
      shall notify DYAX whether it wishes to acquire an exclusive license to
      manufacture and use any or all of the Dyax Products for the purification
      of Customer Product. If CUSTOMER elects to exercise its option to obtain
      such a license, the parties shall promptly meet, negotiate in good faith,
      and mutually agree on the terms and conditions of such license to
      CUSTOMER, which terms and conditions shall be set forth in a license
      agreement. Any such license agreement shall contain the terms and
      conditions set forth in Sections 4.2-4.9 and such other standard terms and
      conditions as are agreed to by the parties. If CUSTOMER does not elect to
      exercise its option to obtain a license to any of the Dyax Products, the
      terms and conditions set forth in Sections 4.2-4.9 shall be of no force
      and effect.

      4.2. License, Right of First Refusal and Exclusive Arrangement.

      (a) DYAX shall grant CUSTOMER an exclusive worldwide license to all DYAX
      know-how and patent rights to make and use the Dyax Products for the
      purpose of purifying ************* Customer Product ************* for
      ************* (such products so purified are hereinafter collectively
      referred to as "Licensed Products"). Such exclusive license shall include
      the right to sublicense to affiliates, third party marketing partners, and
      contract manufacturers. The exclusive license to the DYAX patent rights
      shall be for the life of the DYAX patent rights. The exclusive license to
      the DYAX know-how shall be for a period of ************* from the first
      commercial sale of the first Licensed Product in any country. Thereafter,
      the know-how license shall convert to a fully-paid up non-exclusive
      license. Subsequent to the expiration of the foregoing exclusive licenses
      (but not pursuant to a conversion to non-exclusivity in accordance with
      Section 4.8), if DYAX grants a non-exclusive license to the DYAX know-how
      to a third party to make and use any of the Dyax Products for the purpose
      of purifying a ************* product for a *************, CUSTOMER shall
      be entitled to *************.
<PAGE>

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

      (b) DYAX shall grant CUSTOMER *************.

      (c) In addition to the exclusive licenses to the Dyax Products granted to
      CUSTOMER for *************.

      4.3. License Fee. CUSTOMER shall pay DYAX a license fee ************* upon
      the execution of the license agreement, provided that, in the event that
      CUSTOMER shall have elected to proceed with the Optimization Phase and
      DYAX shall have achieved the process performance milestone agreed upon for
      the Optimization Phase *************.

      4.4 . ************* CUSTOMER shall pay to DYAX an annual exclusivity
      maintenance fee *************. In any given calendar year, CUSTOMER
      *************. This provision shall apply until the first full calendar
      year subsequent to the calendar year in which the first commercial sale of
      a Licensed Product occurs. Thereafter, the provisions of Section 4.7 shall
      apply.

      4.5. Benchmark Payments. CUSTOMER shall be required to make the following
      payments to DYAX upon achievement of the following benchmarks,
      *************:

      Benchmark                                       Payment
      ---------                                       -------

      First *************                             *************
      by CUSTOMER or any of its affiliates
      or sublicensees for a Licensed Product

      First *************                             *************
      by CUSTOMER or any of its affiliates or
      sublicensees for a Licensed Product

      First *************                             *************
      by CUSTOMER or any of its affiliates
      or sublicensees for a Licensed Product

      First ************* Licensed                    *************
      Product in the United States or any country
      in Europe by Customer or any of its affiliates
      or sublicensees

      4.6. Royalties. CUSTOMER shall pay DYAX earned royalties at the rate
      ************* of sales of Licensed Products made during each calendar year
      by CUSTOMER and its affiliates and sublicensees and ************* of
      Licensed
<PAGE>

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

      Products ************* made during each calendar year by CUSTOMER and its
      affiliates and sublicensees. With respect to each Licensed Product the
      manufacture of which occurs in a country where the Dyax Product utilized
      in the manufacture is covered by a valid claim of DYAX patent rights,
      royalties shall be payable on such Licensed Product for the life of such
      DYAX patent rights. With respect to each Licensed Product that utilizes a
      Dyax Product in its manufacture, whether or not the manufacture occurs in
      a country where the Dyax Product is covered by a valid claim of DYAX
      patent rights, royalties shall be payable on such Licensed Product for a
      period ************* from the first commercial sale of the first Licensed
      Product in any country. Under no circumstances shall CUSTOMER be obligated
      to pay multiple royalties for the licenses to the DYAX patent rights and
      know-how granted pursuant to this Article 4; only one royalty shall be due
      on the sale of a Licensed Product.

      CUSTOMER shall be entitled to deduct ************* pursuant to Section 4.4
      and ************* pursuant to Section 4.5 from the royalties due DYAX
      pursuant to this Section 4.6; *************.

      4.7. ************* CUSTOMER shall pay DYAX an annual exclusivity
      maintenance fee **************.

      4.8. Conversion to Non-Exclusivity. In the event that CUSTOMER shall fail
      to pay the annual exclusivity maintenance fee called for by either Section
      4.4 or Section 4.7 in any given calendar year, DYAX's sole remedy shall be
      the right to convert the exclusive licenses granted to CUSTOMER to
      non-exclusive licenses and to convert the exclusive arrangement set forth
      in Section 4.2(c) to a non-exclusive arrangement. **************.

      4.9. *************

      5. Confidentiality. Section 5.1 of the Agreement is hereby amended to
include an additional sentence at the end thereof as follows:

      "Further, the parties agree that each party may disclose the Confidential
      Information of the other party to ************* in order to accomplish the
      purposes of this Agreement, provided that ************* agrees to
      obligations of confidentiality and non-use which are acceptable to the
      other party."

      6. Patent Prosecution. Section 6.2 of the Agreement is hereby amended to
include an additional sentence at the end thereof as follows:

      "DYAX agrees to file for patent protection on all Dyax Product candidates
      and such patent rights shall be included in the license grant to CUSTOMER
      pursuant to Article 4."

      7. Capitalization. Capitalized terms used herein and not otherwise defined
shall have the meanings given such terms in the Agreement.

<PAGE>

      8. Other. All other terms and conditions of the Agreement shall remain in
full force and effect.
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have set their hand and seal as of
the date set forth above.

                                          DYAX CORP.

                                          By: ______________________

                                          Name: ____________________

                                          Title: ___________________

                                          GENETICS INSTITUTE, INC.

                                          By: ______________________

                                          Name: ____________________

                                          Title: ___________________

<PAGE>

                            Development Phase Program

*************

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

                                   AMENDMENT 2
                                     TO THE
                            DEVELOPMENT AGREEMENT FOR
                   AFFINITY CHROMOTOGRAPHY PURIFICATION MEDIA

      This Amendment (the "Amendment"), effective as of March 31, 1999, is made
by and between DYAX CORP. ("DYAX") and GENETICS INSTITUTE, INC. ("CUSTOMER").

      WHEREAS, DYAX and CUSTOMER are parties to a Development Agreement for
Affinity Chromotography Purification Media of September 29, 1997, as amended by
letter agreement dated March 6, 1998 and Amendment 1 dated July 20, 1998 (the
"Agreement"); and

      WHEREAS, the parties wish to further amend the Agreement, on the terms and
conditions set forth herein;

      NOW, THEREFORE, the parties hereto agree as follows:

      1. Optimization Phase. In accordance with Section 2.3 of the Agreement,
CUSTOMER and DYAX acknowledge that CUSTOMER has elected to proceed to the
Optimization Phase. However, notwithstanding the original expectation of the
parties that DYAX would conduct the work to be performed during the Optimization
Phase, CUSTOMER and DYAX agree that CUSTOMER shall conduct the work to be
performed during the Optimization Phase.

      2. Optimization Phase Milestone. In accordance with Section 2.3 of the
Agreement, CUSTOMER and DYAX have agreed to the process performance milestone
for the Optimization Phase set forth in Attachment 1 to this Amendment.

      3. Conduct of Optimization Phase. Section 3.1 of the Agreement is hereby
deleted in its entirety and the following language is substituted in its place:

            "CUSTOMER agrees to devote commercially reasonable and diligent
            efforts to conduct the work necessary to achieve the process
            performance milestone for the Optimization Phase set forth in
            Attachment 1 to this Amendment. During the Optimization Phase,
            CUSTOMER shall provide DYAX's Project Director with regular updates
            on the progress of the Optimization Phase. Upon completion of the
            Optimization Phase, CUSTOMER shall provide DYAX with a final written
            report containing the data and results of the Optimization Phase.
            *************

      4. Optimization Phase Payments. Section 3.2 of the Agreement is hereby
deleted in its entirety and the following language is substituted in its place:

            "CUSTOMER shall be responsible for all costs and expenses associated
            with its performance of the Optimization Phase. In addition,
            CUSTOMER shall pay DYAX a milestone fee ************* upon the
            completion of the Optimization Phase if the process performance
            milestone for the Optimization Phase is achieved by CUSTOMER.
            *************."
<PAGE>

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

      5. Exercise of License. The first sentence of Section 4.1 of the Agreement
is hereby deleted in its entirety and the following language is substituted in
its place:

            "Within ************* of completion of the Optimization Phase, but
            in no event later than *************, CUSTOMER shall notify DYAX
            whether it wishes to acquire an exclusive license to manufacture and
            use any or all of the Dyax Products for the purification of Customer
            Product."

      6. License Fee. Section 4.3 of the Agreement is hereby deleted in its
entirety and the following language is substituted in its place:

            "CUSTOMER shall pay DYAX a license fee ************* upon the
            execution of the license agreement, *************."

      7. Capitalization. Capitalized terms used herein and no otherwise defined
shall have the meanings given such terms in the Agreement.

      8. Other. All other terms and conditions of the Agreement shall remain in
full force and effect.

      IN WITNESS WHEREOF, the parties hereto have set their hand and seal as of
the date set forth above.

                                          DYAX CORP.

                                          By: ______________________
                                          Name: ____________________
                                          Title: ___________________

                                          GENETICS INSTITUTE, INC.

                                          By: ______________________
                                          Name: ____________________
                                          Title: ___________________

<PAGE>

Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

                                  Attachment 1

                           Optimization Phase Program

The process performance milestone for the Optimization Phase will be met if all
of the following three criteria are achieved:

*************

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