Document:

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

                                                                   Exhibit 10.26

                       RESEARCH AND DEVELOPMENT AGREEMENT

      This RESEARCH AND DEVELOPMENT AGREEMENT ("Agreement") is made as of this
10th day of March, 1997 (hereinafter "Effective Date") by and between DEBIOPHARM
S.A., having its principal place of business at 17, rue des Terreaux, CH-1000
Lausanne 9, Switzerland ("Debio") and Dyax Corp., having its principal place of
business at One Kendall Square, Bldg. 600, 5th Floor, Cambridge, Massachusetts,
02139, USA ("Dyax") with respect to the following facts:

                                   WITNESSETH:

      WHEREAS, Dyax possesses certain know-how and proprietary rights, including
patents (granted and pending) concerning the identification, production and
purification of EPI-HNE4, an inhibitor of human neutrophil elastase, and of
other molecules with similar anti-neutrophil elastase activity;

      WHEREAS, Debio possesses expertise in the development and registration of
therapeutic products and wishes to conduct certain "Research," as defined
herein, concerning EPI-HNE4 for the purpose of determining whether EPI-HNE4 has
therapeutic potential in humans; and

      WHEREAS, both Dyax and Debio wish to enter into a Research and Development
Agreement, governing the "Research" to be conducted by Debio, which will then
provide Debio with the exclusive option to license certain exclusive rights to
develop and distribute EPI-HNE4 within certain geographic markets;

      NOW, THEREFORE, Dyax and Debio agree as follows:

1.    Definitions and Interpretations.

      Terms, when used with initial capital letters, shall have the meanings set
forth below or at their first use when used in the Agreement.

      1.1 "Affiliates" means any corporation or other business entity controlled
      by, controlling, or under common control with or by either party to this
      Agreement. For this purpose, "control" means direct or indirect beneficial
      ownership of more than fifty percent (50%) of the voting stock, or more
      than fifty percent (50%) interest in the income, of a party or such
      corporation or other business.

                                       1
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

      1.3 "Confidential Information," as used herein shall mean each party's
      confidential information, know-how or data, and includes manufacturing,
      marketing, personnel and other business information and plans, whether in
      oral, written graphic or electronic form, and which is identified as
      confidential. Confidential information shall not be deemed confidential,
      and the receiving party shall have no obligation with respect to any
      information which is (a) known by the receiving party prior to disclosure
      by the furnishing party, and reduced to writing by the receiving party,
      (b) information which is in the public domain or subsequently enters the
      public domain through no fault of either party, (c) information that is
      received by the receiving party from an independent third party with the
      lawful right to disclose. All test and development data, processes,
      methods and other technology developed by Debio pursuant to the Agreement
      shall also be "Confidential Information"

      1.4 "Debio" shall mean Debiopharm S.A. and Affiliates.

      1.5 Dyax" shall mean Dyax Corp. and Affiliates, and their successors and
      assigns.

      1.6 "EPI-HNE" shall mean molecules, ************* described in the Dyax
      patent application designated LEY-1PCT in Exhibit A.

      1.7 "EPI-HNE Patent Rights" shall mean the patent applications listed as
      Exhibit A, attached hereto and hereby made a part hereof and any and all
      continuations, divisions, renewals, reissues, reexaminations,
      continuations-in-part and extensions corresponding thereto, and any
      patents issuing therefrom.

      1.8 "Know-How" shall mean any and all technical information, test and
      development data, formulations, processes, ideas, protocols, regulatory
      files and the like, which is non-patentable and discovered or developed
      pursuant to the Research.

      1.9 "Product" means any pharmaceutical formulation containing EPI-HNE for
      use in the Field of Use (as defined in Section 15.2), pursuant to EPI-HNE
      Patent Rights.

      1.10 "Research" by Debio shall mean the procurement, investigation and
      study of EPI-HNE4 for the purposes of determining whether EPI-HNE4 has
      therapeutic potential in humans for the treatment of cystic fibrosis,
      ARDS, or chronic obstructive pulmonary diseases, such as emphysema and
      chronic bronchitis, all as set forth in the Research Plan in Exhibit B,
      attached hereto and hereby made a part hereof.

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

      1.11 "Revenues" shall mean the ************* from the commercial use or
      sale of Product, including all payments from sublicensees, less the
      following items: (a) *************, (b) payments *************, and (c)
      payments ************* (and *************).

      1.12 "Territory" means the countries of the European Union, *************
      in which Dyax may grant rights to Debio pursuant to Article 15.2.2

2.    The Development and Evaluation Work Phase.

      2.1 Scope of Agreement.

      2.1.1 Obligation of Dyax. To facilitate the Research, Dyax shall provide
      ************* for use solely in performance of the Research, under the
      conditions set forth herein. Dyax shall also provide available information
      developed by Dyax and third parties concerning the therapeutic potential
      of EPI-HNE in humans.

      2.1.2 Obligation of Debio. Debio agrees to perform the Research in
      accordance with the Research Plan, as may be amended from time to time by
      mutual agreement of the parties. The Research shall be conducted
      *************.

      2.1.3 Recordkeeping by Debio. Debio agrees to maintain records, in
      accordance with generally accepted accounting practices in Switzerland, of
      its research and development costs in performing the Research Plan. In the
      event such costs are relevant to Revenue sharing in accordance with
      Sections 4.4.1 or 15.3, Dyax shall have the right from time to time to
      audit such records using an independent accountant.

      2.2 Due Diligence and Workmanship. Debio shall use its best efforts to
      conduct the Research in accordance with Good Clinical Practices and to
      deliver to Dyax reports of the results. However, the parties agree that
      the results of the Research cannot be accurately predicted, and that Debio
      does not warrant or guarantee that the Research will yield any useful or
      anticipated results. The sole obligation of Debio is to diligently pursue
      the activities pursuant to the Research.

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      2.3 Development and Evaluation Phase Research Licenses.

      2.3.1 License to Debio. For the term of this Agreement only and as
      reasonably necessary to perform the Research (and with no commercial
      rights), Dyax grants to Debio an exclusive royalty-free license under the
      EPI-HNE Patent Rights, Dyax Know-How, EPI-HNE4 Materials and rights
      arising under Section 4.1 herein in the Field of Use for the Territory.

      2.3.2 To the best of Dyax's knowledge up to the Effective Date, the
      EPI-HNE Patent Rights are valid and effective, as shown in Exhibit A, has
      been properly filed, prosecuted and/or issued in the respective offices
      and jurisdictions, and all applicable fees due and payable have been paid.

      2.3.3 In the event that any of the EPI-HNE Patent Rights under Exhibit A
      should not be granted or established by reasonable proof to Debio's
      satisfaction, Debio may either terminate this Agreement under Section 8.1
      or negotiate a license agreement with the relevant third party, in its
      sole discretion, to conduct the Research.

3.    Transfer and Handling of Materials.

      3.1 Debio shall use the EPI-HNE4 Materials and Dyax Confidential
      Information solely for the purposes specified in this Agreement and for no
      other purpose, including without limitation, use in any research
      activities other than those which relate directly to the purposes
      specified herein, or for any commercial purpose. Such use shall be in
      compliance with all applicable laws and regulations. Upon conclusion of
      the Research, Debio shall return or destroy, as directed by Dyax, all
      unused EPI-HNE4 Materials. Debio shall not sell, transfer, disclose or
      otherwise provide access to the EPI-HNE4 Materials or Dyax Confidential
      Information, any method or process relating thereto or any material that
      could not have been made but for the foregoing, to any person or entity
      without the prior express written consent of Dyax, except that Debio may
      allow access to the EPI-HNE4 Materials to employees or agents for purposes
      consistent with the Agreement. Debio will make diligent efforts to ensure
      that such employees and agents will use the EPI-HNE4 Materials in a manner
      that is consistent with the terms of the Agreement. Dyax shall use Debio
      Know-How solely for the purposes specified in this Agreement and for no
      other purpose.

      3.2 Upon termination of the Agreement and except as provided under any
      license agreement, Debio shall immediately cease all use, including,
      without limitation, research and commercial use, of the EPI-HNE4 Materials
      and Dyax Confidential Information and shall, according to Dyax's
      instructions, destroy or return the EPI-HNE4 Materials and any copies or
      replications thereof, under the control of Debio.

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

      3.3 Debio acknowledges and agrees that the EPI-HNE4 Materials may have
      biological and/or chemical properties that are unpredictable and unknown
      at the time of transfer and that they are to be used with caution and
      prudence.

      3.4 Title to and ownership rights in the EPI-HNE4 Materials shall remain
      with Dyax and Debio will acquire no title thereto as a result of this
      Agreement.

4.    Ownership of Results.

      4.1 Patentable Inventions. Unless otherwise agreed to by the parties in
      any license or other agreement, all patentable inventions, improvements
      and any patent rights appurtenant thereto, conceived and reduced to
      practice pursuant to the Research shall be owned jointly where created
      jointly or solely by each party where so created. Licenses to any such
      inventions, improvements and patent rights, however owned, shall be
      governed by the terms of this Agreement and/or any future license
      agreement pertaining to such rights.

      4.1.1 If either party identifies or becomes aware of a patentable
      invention, that party shall promptly submit a written description of the
      subject matter of such invention to the other party. With regard to
      inventions with application to the Research or future products within the
      Field of Use, ************** shall have primary responsibility for
      determining whether to file patent applications in the Territory, and
      shall be responsible for determining the timing and scope of a patent
      application and for selecting the countries for filing, and for the
      filing, prosecution and maintenance of such patent application and all
      patents issuing therefrom. Debio and Dyax shall provide to each other all
      necessary cooperation relating to the filing, prosecution and maintenance
      of such patent applications. All expenses for such matters in the
      Territory shall be borne by *************.

      4.2 Know-How. Subject to Section 8 and unless otherwise agreed to by the
      parties, *************.

      4.3 Cooperation. Both Debio and Dyax undertake to promptly notify the
      other of any patentable invention, as described in Section 4.1, and to
      cause their respective employees to sign and complete all such deeds,
      documents, patent applications, assignments, and other instruments and to
      do all such acts and things as are necessary to give full force and effect
      to the terms and conditions contemplated by the Agreement and to make such
      terms and conditions binding on their respective employees.

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

      4.4 Rights of Dyax. Subject to Debio's rights to add additional countries
      to its license pursuant to Section 15.2.2, as for all patentable
      inventions and Know-How conceived as a result of the Research and owned
      solely or jointly by Debio and subject to restrictions imposed by any
      government source of grant monies received by Debio after the Effective
      Date:

      4.4.1 Outside of the Territory for all therapeutic uses, Dyax shall have
      an exclusive license with the right to grant sublicenses; provided that
      for any patentable invention and Know-How solely owned by Debio, Dyax
      shall pay Debio *************; and

      4.4.2 Throughout the world for all non-therapeutic uses, Dyax shall have a
      royalty free exclusive license with the right to grant sublicenses.

5.    Administration and Indemnification.

      5.1 Representatives. Debio and Dyax will designate a person or persons of
      their choice to act representatives during the term of this Agreement.
      Dyax designates Dr. Edward Cannon and Debio designates Neil L. Brown to
      act as representatives under this Agreement. Each party may change its
      representative upon reasonable notice to the other party.

      5.2 Reports and Access to Data. The parties agree to provide each other
      with written detailed Research Status Reports no less frequently than
      ************* and to provide the other with access to all Know-How and any
      information related to any pre-clinical or clinical investigations
      developed from the Research.

      5.3 Insurance and Indemnification.

      5.3.1 Debio shall indemnify and hold harmless Dyax, its employees and
      agents against all third party actions, proceedings, claims, demands,
      losses, costs, damages or expenses whatsoever which may be brought against
      or suffered by Dyax or which Dyax may sustain as a result of use of
      Product for testing in or treatment of humans by Debio or under Debio's
      supervision.

      5.3.2 Both Dyax and Debio agree that *************, the Research or any
      other work performed under this Agreement, except as provided for under

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

      Section 5.3.1 or where losses, costs, damages or expenses are the result
      of the willful breach of any term hereof by the other party, or by the
      other party's servants, agents, employees or subcontractors. Each party
      shall indemnify and hold harmless the other party, its employees and
      agents against all third party actions, proceedings, claims, demands,
      losses, costs, damages or expenses whatsoever which may be brought against
      or suffered by the other party or which such party may sustain, as a
      result of willful breach of any term hereof by the indemnifying party.
      Such indemnification will survive termination of the Agreement.

      5.3.3 Each party undertakes to notify the other party if it has any reason
      to believe that the use of EPI-HNE, EPI-HNE4 Materials, or Confidential
      Information could result in a claim by any third party, and the parties
      agree that in such case they shall consult in good faith to take such
      remedial actions that are necessary to avoid such liability.

      5.3.4 ************* shall take reasonable action to institute and
      prosecute legal proceedings against third parties who infringe patents
      from the EPI-HNE Patent Rights, or to otherwise defend any issued patent
      rights for EPI-HNE4, in the Fields of Use in the Territory. Any such
      action, taken under this paragraph, shall be at ************* expense.
      ************* shall, if requested by ************* and at *************
      expense, assist in the prosecution of such action.

      5.4 Steering Committee.

      5.4.1 The parties agree to form a Steering Committee to oversee the
      Research and to undertake a development program to exploit all indications
      for EPI-HNE *************. The Steering Committee shall be composed of two
      representatives of Debio and two representatives of Dyax. Such Committee
      shall meet at least every six months (more frequently, if deemed necessary
      by at least two members of the Committee) to discuss the progress of the
      Research and to consider options for development of new indications.
      Representatives may be accompanied at such meetings by consultants and
      experts bound by appropriate confidentiality agreements who may
      participate, but may not vote at said meetings. Decisions of the Steering
      Committee shall be made by a vote of three or more representatives of the
      parties. Each party shall bear their own respective travel and
      accommodation expenses, as well as all fees and costs incurred by their
      consultants associated with attending such meetings.

6.    Confidentiality.

      6.1 The parties agree that Confidential Information exchanged during the
course of the Agreement will be accorded confidential treatment and shall not be
used for any other purpose than the performance of this Agreement for a period
of

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

************* from the expiration or termination of the Agreement. Debio and
Dyax may disclose confidential information to candidate sublicensees solely for
the purpose of entering into a business relationship subject to these candidate
sublicensees entering into confidentiality and non-use agreements no less
restrictive than the terms and conditions of Section 6.1.

7.    General Provisions.

      7.1 Notices. Notices required or permitted to be made or given to either
      party hereto pursuant to this Agreement shall be sufficiently made or
      given on the date of mailing if sent to such party by certified or
      registered mail, postage prepaid, addressed to it at its address set forth
      or to such other address as it shall designate by written notice to the
      other party as follows:

      In the case of Dyax:

      Dyax Corp.
      One Kendall Square, Bldg. 600, 5th Floor
      Cambridge, Massachusetts  02139
      Attn: Edward Cannon

      In the case of Debio:

      Debiopharm S.A.
      17, rue des Terreaux
      Case Postale 211
      CH-1000 Lausanne 9
      Switzerland
      Attn: Legal Department

      Copies to:

      Kostopulos & Associates
      205 S. Whiting St., Suite 201
      Alexandria, VA 22304
      Attn: N. Peter Kostopulos
      Telecopier: (703) 751-2807

8. Termination.The Agreement can be terminated at anytime depending upon the
following circumstances:

      8.1 The Agreement can be terminated by Debio alone, at any time upon three
      (3) months written notice to Dyax.

      8.2 In the event that the Agreement is terminated by Debio under Section
      8.1 or by Dyax under Section 8.3, all rights granted to Debio under
      Section 2.3.1 shall revert to Dyax. The parties shall meet immediately to
      negotiate an assignment to Dyax to all Know-

                                       8
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      How under Sections 4.1 and 4.2, information under Section 5.2, and all
      regulatory filings. With respect to the assignment of any patentable
      inventions and/or patent filings which are solely owned by Debio, the
      amounts and details will be negotiated in good faith by Debio and Dyax.

      8.3 In the event of any breach of any material term or condition of this
      Agreement by either party, the non-breaching party shall give sixty (60)
      days written notice to the breaching party to correct such breach, along
      with a written explanation supporting its reasons for termination. In the
      event the breach is not cured with the sixty-day period, the non-breaching
      party shall have the following rights:

      8.3.1 immediately terminate and/or modify this Agreement; provided,
      however the non-breaching party shall continue to have all rights under
      this Agreement, including the right to conduct Research under 2.3.1 and
      the right to use all patentable inventions under Section 4.1, all know-how
      under Section 4.2, information under Section 5.2, and all regulatory
      filings, as well as the license options under Section 15; all of which,
      under terms and conditions no less favorable than provided for under this
      Agreement;

      8.3.2 receive losses and damages sustained as a result of the breach(s) by
      the breaching party, unless otherwise excluded or limited by a provision
      of the Agreement.

9. Term of Agreement. Unless terminated earlier pursuant to Section 8 or other
mutual agreement, this Agreement shall commence upon the Effective Date and
shall terminate upon the expiration of the option set forth in Section 15.
Sections 4.1, 4.4 5.2, 5.3, 6 and 7.1 shall survive expiration or termination of
the Agreement

10. Independent Contractor. The relationship of Debio and Dyax under this
Agreement is intended to be that of an independent contractor. Nothing contained
in this Agreement is intended or is to be construed so as to constitute the
undersigned parties as partners or either party hereto as an agent or employee
of the other. Neither party has any express or implied right or authority under
this Agreement to assume or create any obligations on behalf of or in the name
of the other, or to bind the other party hereto to any contract, agreement or
undertaking with any third party.

11. Complete Agreement. The parties hereto acknowledge that this document sets
forth the entire agreement and understanding of the parties, except for
pre-existing confidentiality obligations between the parties, and supersedes all
prior written or oral agreements or understandings with respect to the subject
matter hereof. No modification of this Agreement shall be deemed to be valid
unless in writing and signed by both parties.

12. Assignment. This Agreement shall be binding upon and inure to the benefit of
the successors or permitted assignees of each of the parties, and may not be
assigned or transferred by either party without the prior written consent of the
other.

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

13.   Law Governing and Dispute Resolution.

      13.1 This Agreement shall be governed by and construed under the laws of
      the Commonwealth of Massachusetts.

      13.2 In the event the parties are unable to resolve a dispute, the parties
      shall engage a single mediator acceptable to both parties. Said mediator
      will immediately meet with Senior Vice Presidents of both parties to
      discuss the basis for the dispute and to attempt to resolve the dispute.

      13.3 Any dispute, controversy or claim arising under, out of or relating
      to this Agreement and any subsequent amendments of this Agreement,
      including, without limitation, its formation, validity, binding effect,
      interpretation, performance, breach or termination, as well as non
      contractual claims, shall be referred to and finally determined by
      arbitration in accordance with the WIPO Arbitration Rules. The arbitral
      tribunal shall consist of three arbitrators. The place of arbitration
      shall be Geneva, Switzerland. The language to be used in the arbitral
      proceedings shall be English.

14. Execution. This Agreement shall be executed in two (2) counterparts, each of
which shall be deemed an original, but both of which together shall constitute
one and the same instrument.

15. Option to Obtain License. Dyax hereby grants to Debio an option to enter
into an exclusive license to manufacture, have manufactured, use and sell
EPI-HNE products in the Territory (the "License Agreement"), for a period of
three (3) years after the Effective Date subject to extension until completion
of the ************* in the Research Plan if such ************* has been started
(the "Option Period"). Debio shall not ************* to Dyax for entering into
the License Agreement. Such a license with Debio shall include, among other
things, the following terms:

      15.1 Definitions. The license agreement shall incorporate definitions from
      the Research and Development Agreement, plus additional definitions deemed
      appropriate by the parties.

      15.2 Grant of Rights Dyax shall grant exclusive rights, including the
      right to sublicense, to make, have made, use and sell Product, under the
      EPI-HNE Patent Rights, Dyax Know-How, inventions and know-how developed
      under Sections 4.1 and 4.2 in this Agreement, for the following
      therapeutic uses: *************, such as ************* ("Field of Use").

      15.2.1 Other Indications. Debio shall have the ************* a license in
      the Territory for the rights to any other therapeutic indication outside
      of the Field of Use, provided that a third party does not already control
      the licensing of such rights.

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

      15.2.2 Additional Countries. If at the time of the license in the
      Territory set forth in this Section 15 is granted to Debio and rights to
      commercialize EPI-HNE in the Field of Use ************* outside the
      Territory *************, Dyax shall grant Debio a right of first refusal
      to such other countries. Dyax will ************* to Debio of
      *************. Debio shall ************* after the ************* during
      which *************. If Debio *************, Dyax shall *************.
      Before ************* with *************, Dyax *************.

      15.3 Royalties.

      15.3.1 Payments to Dyax. As to rights granted by Dyax to Debio, Debio
      shall pay Dyax ************* of all Revenues received by Debio in the
      Field of Use in the Territory. Prior to sharing such Revenues with Dyax,
      Debio shall be entitled to ************* equal to *************. In the
      event that *************, the parties agree *************.

      15.3.2 Duration of Payments. Payments under 15.3.1 shall continue on a
      country-by-country basis until the expiration or finally determined
      invalidity of all patents, granted or to be granted, covering the products
      for which Revenues are being received in each country, or for
      ************* from the first Commercial Sale of Product in each country,
      whichever is longer, provided that revenues are being received on the
      Product.

      15.4 Territory. The territory will be the same geographic areas as defined
      in the Agreement.

      15.5 Exercise of the option. At any time during the Option Period, Debio
      may notify Dyax that Debio exercises the option. Debio and Dyax shall then
      meet at their mutual convenience to negotiate in good faith the remaining
      terms of the License Agreement.

      15.5.1 If Debio and Dyax have not signed the License Agreement within
      ************* from the exercise of the option,

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

      either party may refer the matter to mediation followed, in the absence of
      an agreement, by arbitration.

      15.5.2 The License Agreement will be effective no later than *************
      after the commencement of the mediation, even if the final agreement is
      reached later or the final decision is rendered later.

      15.5.3 Mediation. Any disagreement as to the terms of the License
      Agreement shall be submitted to mediation in accordance with the WIPO
      Mediation Rules. The place of mediation shall be Geneva. The language to
      be used in the mediation shall be English.

      15.5.4 Arbitration. If, and to the extent that, any such disagreement as
      to the terms of the License Agreement has not been settled pursuant to the
      mediation within ************* of the commencement of the mediation, it
      shall, upon the filing of a Request for Arbitration by either party, be
      referred to and finally determined by arbitration in accordance with the
      WIPO Expedited Arbitration Rules. Alternatively, if, before the expiration
      of the said period of *************, either party fails to participate or
      to continue to participate in the mediation, the disagreement as to the
      terms of the License Agreement shall, upon the filing of a Request for
      Arbitration by the other party, be referred to and finally determined by
      arbitration in accordance with the WIPO Expedited Arbitration Rules. The
      place of arbitration shall be Geneva. The language to be used in the
      arbitral proceedings shall be English.

      15.5.4.1 Within a short period to be fixed by the Arbitral Tribunal, each
      party shall submit to the Arbitral Tribunal a full proposal for the
      License Agreement, which will not be communicated to the other party. The
      Arbitral Tribunal shall then decide which of the two proposals is closer
      to the common intent of the parties as evidenced by documentary record
      between the two parties, including, but not limited to the research and
      development program and correspondence between the parties. The Arbitral
      Tribunal is authorised to decide ex8aequo et bono. The Arbitral Tribunal
      may not take some terms in one proposal and some other terms in the other
      proposal, but shall choose one proposal and decide that it shall
      constitute the License Agreement deemed entered into by the parties.

16.   Force Majeure.

      16.1 Neither party shall be liable for a failure to comply with a
      provision herein, if it is prevented from performing the said provision
      because of force majeure, this notion being defined as an event beyond the
      control of the parties hereto and independent from their will including,
      but not limited to, strikes or other labor trouble, war,

                                       12
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      insurrection, fire, flood, explosion, discontinuity in supply of power,
      court order or governmental interference.

      16.2 Despite the event of force majeure, either party hereto shall
      undertake reasonable efforts to comply to the extent possible with its
      obligations vis-a-vis the other party, pursuant to this Agreement.

      16.3 The party invoking an event of force majeure must notify it forthwith
      to the other party, and must specify which one or ones of its obligations
      it is being prevented from complying with, and the nature of force
      majeure, and must give an estimate of the period during which it is likely
      that it shall be prevented from complying with the said obligation or
      obligations.

17.   Miscellaneous.

      17.1 In the event that, during the duration of this Agreement, the
      regulations in force at the time of its execution are drastically
      modified, or in the event that the data on which the parties hereto relied
      to enter into this Agreement change in such a manner that one party shall
      suffer severe hardship, which could not reasonably be foreseen as of the
      date on which this Agreement was executed, the parties hereto shall then
      meet and adapt the conditions of this Agreement to the new situation, in a
      manner equitable to both parties.

      17.2 If any provision of this Agreement should be or become fully or
      partly invalid or unenforceable for any reason whatsoever or should
      violate any applicable law, this Agreement is to be considered divisible
      as to such provision and such provision is to be deemed deleted from this
      Agreement, and the remainder of this Agreement shall be valid and binding
      as if such provision were not included therein. There shall be substituted
      for any such provision deemed to be deleted a suitable provision which, as
      far as is legally possible, comes nearest to the sense and purpose of the
      stricken provision.

      17.3 Failure by any party to enforce any term or provision of this
      Agreement in any specific instance or instances hereunder shall not
      constitute a waiver by such party of any such term or provision, and such
      party may enforce such term or provision in any subsequent instance
      without any limitation or penalty whatsoever.

      17.4 The headings set forth in this Agreement are for convenience only and
      do not qualify or affect the terms or conditions of this Agreement.

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IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year
first above written.

DEBIOPHARM S.A.                                       DYAX CORP.

By:     /s/ R.Y. Mauvernay          By:     /s/ L. Edward Cannon
      ------------------------            ----------------------
             11/3/97                                3/3/97

                                       14
<PAGE>

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

                        EXHIBIT A - EPI-HNE Patent Rights

Confidential

DYAX NEUTROPHIL ELASTASE INHIBITOR PATENT RIGHTS

===============================================================================
COUNTRY              APPLICATION NO.         FILING DATE       STATUS
-------------------------------------------------------------------------------
US                   *************           *************     Abandoned in
(Ladner 7C)                                                    favor of US
                                                               *************
-------------------------------------------------------------------------------
Canada               *************           *************     Pending
(Ladner 7C)
-------------------------------------------------------------------------------
EPO                  *************           *************     Pending
(Ladner 7C)
-------------------------------------------------------------------------------
Japan                *************           *************     Pending
(Ladner 7C)          *************
-------------------------------------------------------------------------------
PCT                  *************           *************
(Ladner 7C)          *************
-------------------------------------------------------------------------------
US                   *************           *************     Allowed
(Ley 1)
-------------------------------------------------------------------------------
PCT                  *************           *************     Will go
(Ley 1A)             *************                             national
                                                               6/16/97
===============================================================================

*     Priority applciations: USSN ************* filed ************* (Ladner 7
      which issued as US Patent 5,223,409) and USSN ************* filed
      ************* (Ladner 9 abandoned in favor of *************)

                                       15<PAGE>

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

                                                                 Exhibit 10.27

                    R&D AND MARKETING COLLABORATION AGREEMENT

This Collaboration Agreement effective as of June 14,1999 (the "Effective Date")
is between Amersham Pharmacia Biotech AB, a Swedish corporation having its
address at Bjorkgatan 30, S-751 84 Uppsala, Sweden ("AP Biotech") and Dyax
Corp., a Delaware corporation having its address at One Kendall Square, Bldg.
600, Cambridge, Massachusetts 02139, USA ("Dyax").

                     ---------------------------------------

Recitals

Whereas AP Biotech possesses technology and expertise to the development,
manufacture and world wide marketing of affinity chromatography media for use in
the separation and purification of biomolecules;

Whereas Dyax possesses technology and expertise for 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 biomolecules;

Whereas AP Biotech and Dyax wish to enter into a collaboration in which AP
Biotech and Dyax will utilise their respective technology and expertise to
develop for customers unique ligands and chromatography media incorporating such
ligands and AP Biotech will market and sell such media on a world wide scale.

Now, hereby the parties do hereby agree as follows:

1. Definitions

1.1 "Affiliate" means any corporation, partnership, or other business entity
controlled by, or controlling, or under common control with any party or
signatory to this Agreement, with "control" meaning direct or indirect
beneficial ownership of at least a fifty percent (50%) interest in the income of
such corporation, partnership, or other business entity, or such other
relationship as, in fact, constitutes actual control.

1.2 "Approved Project" means a Proposed Project which is approved by the
Steering Committee and conducted by the parties in accordance with Section 4.4

                                       1
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

1.3 "Biopharmaceutical" means a protein or peptide being developed or sold as a
drug substance, *************.

1.4 "Confidential Information" means trade secrets, confidential or proprietary
information, and all other knowledge, information, documents or materials, that
are furnished by one party to the other party in connection with this Agreement,
which the proprietor takes reasonable measures to protect and which pertains, in
any manner, to subjects which include, but which are not limited to, research
operation, customers (including identities of customers and prospective
customers, identities of individual contacts at customers, preferences, business
or habits, including such customer's Confidential Information), business
relationships, products (including prices, costs, sales or content and including
released or unreleased products), financial information or measures, marketing
or promotion information, business methods, future Business Plans, data bases,
computer programs, designs, models, operating procedures, knowledge of the
organisation, and information received from others that either party is
obligated to treat as confidential. Further the term "Confidential Information"
shall include information which has been disclosed verbally, provided that such
verbal information be confirmed in writing within thirty (30) days of such
disclosure.

1.5 "Exclusive Customer Media" means Products discovered and/or developed in
accordance with an Approved Project exclusively for one customer at such
customer's specific and express request and which are developed, marketed and
sold by AP Biotech under the brand specified in Section 4.6 below.

1.6 "Ligand(s)" means a protein or peptide (any of their sequences), and any
derivatives thereof, which (i) ************* is discovered using Phage Display
Technology, and (iii) results from an Approved Project. For purposes of this
definition, (i) Phage Display Technology shall mean the display of protein or
peptides on a library of filamentous bacteriophage *************.

1.7 "Multi Customer Media" means Products discovered and/or developed in
accordance with an Approved Project without any customer exclusivity, and which
are developed, marketed and sold by AP Biotech under the brand specified in
Section 4.5 below.

1.8 "Net Sales Value" means gross monies or the monetary equivalent of
consideration, whether or not invoiced, billed or received by AP Biotech and its
Affiliates, attributable to the use, sale, lease, or transfer of any Product(s);
less qualifying costs directly attributable to such use, sale, lease, or
transfer and actually allowed and borne by AP Biotech and its Affiliates.
*************

                                       2
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

Products used in testing or as marketing samples to develop or promote the
Product(s) shall not be included as Product(s) used, sold, leased, or
transferred under the definition of Net Sales Value; provided the Products are
supplied to the user at no cost.

1.9 "Products" means affinity chromatography media that contains a Ligand
immobilized on AP Biotech media and is sold by AP Biotech or its Affiliates for
use in the purification of Biopharmaceuticals.

1.10 "Proposed Projects" means a project proposal to develop either a Multi
Customer Media or a Exclusive Customer Media which is made to the Steering
Committee in accordance with Section 4.2 or 4.3.

1.11 "Proprietary Materials" means any tangible chemical, biological or physical
materials (including any Ligand and materials resulting from an Approved
Project) that are furnished by one party to the other party in connection with
this Agreement regardless of whether such materials are specifically designated
as proprietary.

2. Scope of Collaboration

The purpose of this Agreement is to provide the framework for a collaboration
between AP Biotech and Dyax relating to Ligands for use in the field of
purifying Biopharmaceuticals, where (i) the collaboration is under the
supervision of the Steering Committee between the parties in accordance with
Article 3 and 4, (ii) both AP Biotech and Dyax shall jointly market to customers
Dyax's technology and expertise to discover and/or develop *************, all in
accordance with their responsibilities set forth in Section 4.1, (iii)
************* (iv) Dyax shall supply Ligands to AP Biotech for use in Products
in accordance with Article 5, and (v) AP Biotech shall develop, market and sell
Products to customers under a co-branded trademark in accordance with Sections
4.4 and 4.6 (such collaboration, the "Collaboration"). The Collaboration shall
have the term set forth Article 13 herein.

3. Governance

3.1 Creation of Steering Committee. The parties hereby create a Steering
Committee which shall consist of three members from each party, with each party
to provide written notice to the other of the names of such members within
thirty (30) days of the Effective Date. If any member of the Steering Committee
dies, resigns, or becomes incapacitated, the party which designated such member
shall designate his or her successor (whose term shall commence immediately),
and any party may withdraw the designation of any of its members of the Steering
Committee and designate a replacement (whose term shall commence immediately) at
any time by giving notice of the withdrawal and replacement to the other party.
If a member of the

                                       3
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

Steering Committee cannot attend a meeting, that member may appoint a substitute
to attend the meeting in his or her place. The chairperson of the Steering
Committee shall be designated annually on an alternating basis between the
parties. The party not designating the chairperson shall designate one of its
representatives as secretary of the Steering Committee for such year.

3.2 Meetings of the Steering Committee .The first meeting of the Steering
Committee shall occur within ninety (90) days of the Effective Date. Thereafter,
regular meetings of the Steering Committee shall be held semi-annually within
forty-five (45) days of the end of each calendar half year, or at such other
times as the parties may deem appropriate, at such times and places as the
members of the Steering Committee shall from time to time agree. Special
meetings of the Steering Committee may be called by either party on fifteen (15)
days written notice to the other party unless notice is waived by the parties.
All meetings shall alternate between the offices of the parties unless the
parties otherwise agree. In the event a Steering Committee member is unable to
attend a meeting of the Steering Committee, such Steering Committee member may
designate an alternate member who will serve solely for that Steering Committee
meeting.

3.3 Decisions of the Steering Committee. A quorum of the Steering Committee
shall be present at any meeting of the Steering Committee if every member or a
duly appointed substitute are present at such meeting in person or by telephone.
If a quorum exists at any meeting, the unanimous consent of all members of the
Steering Committee present at such meeting is required to take any action on
behalf of the Steering Committee. Unless otherwise specially stated to the
contrary herein, no individual party shall purport to act on behalf of the other
party unless and then only to the extent authorised to do so by the Steering
Committee.

3.4 Responsibility of Steering Committee. The Steering Committee shall be
responsible for oversight of the conduct and progress of the collaborative
efforts and approval of all activities relating thereto; management of the
day-to-day activities being delegated to a project manager to be appointed by
each of AP Biotech and Dyax. The responsibilities of the Steering Committee
shall include but not be limited to:

      (i)   preparing and recommending overall budgets for the plans for
            development *************;
      (ii)  approving a Business Plan (and any amended plans) to be developed
            jointly by the marketing managers appointed by the parties in
            accordance with Section 4.1;
      (iii) determining which customer projects to pursue;
      (iv)  assessing, at least once every six months during the initial term of
            this Agreement the progress of the Collaboration hereunder
            *************;
      (v)   directing and administering the research programs of both parties
            reasonably required to achieve the purposes of this Agreement;

                                       4
<PAGE>

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

      (vi)  reviewing reports and research results submitted by both parties
            over their respective R&D and marketing efforts to achieve the
            purposes of this Agreement; and
      (vii) reviewing and approving the patent filing and prosecution of
            jointly-owned inventions pursuant to Article 9.

3.5 Steering Committee Reports. Within ten (10) days following each meeting the
Steering Committee held pursuant to Section 2.2, the secretary of the Steering
Committee shall prepare and send to the members of the Steering Committee a
detailed written report of actions taken at the meeting in such form and
containing such detail as shall be determined by the Steering Committee.

3.6   Deadlock. In the event that the Steering Committee cannot reach agreement
      with respect to any matter that is subject to its decision-making
      authority, then the matter shall be referred to the an executive person of
      each of the parties with authority to bind his principal. In the event
      that such executives cannot resolve the dispute then the dispute shall be
      referred to the dispute resolution procedure described in Section 8 for
      final and binding determination.

4. Marketing and Development Collaboration

4.1 Joint Marketing. AP Biotech and Dyax shall each jointly market to its
customers the Collaboration to provide customers with Products within the field
of the purification of Biopharmaceuticals under the joint branding of Section
4.6. Dyax shall be solely responsible for marketing ************* and AP Biotech
shall be solely responsible for marketing *************, provided that each
party shall have the right to include general information about the other
party's technology and capabilities in its marketing efforts. Both parties shall
approve all marketing materials used in the joint marketing of the
Collaboration. All marketing efforts shall be made in accordance with a Business
Plan to be developed by the marketing managers appointed by the parties and
approved by the Steering Committee within ninety (90) days of the Effective Date
hereof (the "Business Plan"). The Business Plan, as may be amended and approved
in amended form, shall specify the details of the joint marketing efforts, i.e.,
*************. Such marketing efforts may result in a customer request for
either Multi Customer Media or Exclusive Customer Media.

4.2 Multi Customer Media. AP Biotech may request Dyax to submit, or Dyax may
independently submit, a Proposed Project to the Steering Committee to discover a
Ligand and/or develop a Ligand ************* which AP Biotech or Dyax believes
could be commercialised as a Multi Customer Media. *************. Thereafter,
the Steering Committee shall have a period of sixty (60) days in which to accept
or reject the Proposed Project. Upon acceptance of any Proposed Project, the
provisions for

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

Approved Project set forth in Section 4.4 below shall apply. In the event that
the Steering Committee rejects any Proposed Project for a Multi Customer Media
then AP Biotech or Dyax, as the case may be, shall be free to develop such
request or proposal alone or in collaboration with a third party, subject to any
rights or licenses it may require from the other party.

4.3 Exclusive Customer Media. In the event that, as a result of the joint
marketing efforts, a customer forwards a specific and express request to either
AP Biotech or Dyax for the discovery and/or development of a Exclusive Customer
Media, the party receiving the request shall forward the request as a Proposed
Project to the Steering Committee. The Steering Committee shall have a period of
sixty (60) days in which to accept or reject the Proposed Project. Upon
acceptance of any Proposed Project, the provisions for Approved Projects set
forth in Section 4.4 below shall apply. In addition, the parties shall work
together to jointly offer, negotiate and reach agreement with any such customers
*************. In the event that the Steering Committee rejects any Proposed
Project for a Custom Design Media then AP Biotech or Dyax, as the case may be,
shall be free to develop such request or proposal alone or in collaboration with
a third party, subject to any rights or licenses it may require from the other
party.

4.4. Approved Projects. Each Proposed Project approved by the Steering Committee
in accordance with Sections 4.2 and 4.3 above shall be considered an Approved
Project which shall be managed by the project managers appointed according to
Section 3.4. For each such Approved Project, Dyax shall submit a proposal to AP
Biotech *************. Dyax shall then use reasonable commercial efforts to
*************. Thereafter, AP Biotech agrees to use reasonable commercial
efforts to *************. AP Biotech shall then market and supply the resulting
Multi Customer Media to multiple customers or Exclusive Customer Media to the
specified customer, *************. Dyax shall supply ************* to AP Biotech
in accordance with Section 5 below and *************.

4.5 Exclusive Nature of Collaboration. With respect to all Approved Projects
resulting from the Business Plan set forth in Section 4.1, as amended, and with
respect to all Multi-Customer Media and Exclusive Customer Media developed
pursuant to Section 4.2, 4.3 and 4.4, AP Biotech and Dyax shall collaborate
exclusively with each other. Further neither AP Biotech nor Dyax shall
individually approach any target customer for Exclusive Customer Media
identified in the Business Plan referred to in Section 4.1 above, as amended,
for purposes of entering into a business relationship with such customer for
************* which would compete with ************* for such customer; provided
however, that joint marketing activities must occur with such customer for such
application within ************* of the approval of the Business Plan and an
Approved Project be initiated with such customer for such application within
************* of such approval.

                                       6
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

4.6 Branding. AP Biotech and Dyax agrees to jointly market the Collaboration,
and AP Biotech agrees to market and sell Products, under a combination of their
respective corporate names and logos, that is "Amersham Pharmacia Biotech" and
the "Drop design" and "Dyax Corp." and "Dyax "D" Logo", or such other trademark
or trade name as the parties may agree to. In the latter case the parties shall
jointly own such trademark or trade name and agree only to use it in connection
with the Collaboration. The parties shall cause such trademark or trade name to
be registered in every country where other than minimal sales can be expected
and shall equally share the cost of doing so. Such use shall be subject to the
provisions of Section 8 below.

4.7 Costs. Unless otherwise expressly provided for in this Agreement or
separately agreed to in writing, *************.

5. Supply of Ligands

5.1 Subject to Section 6.2, Dyax shall supply AP Biotech with all its
requirements for ************* Ligands for the development, sales promotions and
sales of Products. If Dyax chooses to outsource the manufacture of such Ligands,
AP Biotech shall have the right to approve the manufacture in advance and such
Ligands shall be supplied to AP Biotech *************. If Dyax chooses to
manufacturer such Ligands itself, AP Biotech shall have the rights to inspect
and approve Dyax's manufacturing facilities and such Ligands shall be supplied
to AP Biotech *************. With respect to each Product, the parties shall
enter into a supply agreement *************.

5.2 For ************* Ligands, AP Biotech shall have the right to contract with
third party suppliers to purchase all of its requirements for such Ligands for
the development, sales promotions and sales of Product. AP Biotech shall notify
Dyax of the name of any such third party supplier and agrees that any contract
with such supplier shall permit Dyax to purchase Ligand from such supplier for
use outside the Collaboration.

6. License to AP Biotech

      Dyax grants to AP Biotech and its Affiliates a non exclusive,
************* worldwide license to the Ligands to develop, use and sell Products
in accordance with the terms and conditions of this Agreement. Further, such
license shall not include any rights of further license or sublicense, and shall
be subject to the grant of exclusive rights to a customer for a particular
Exclusive Customer Media pursuant to Section 4.3.

6.2 Dyax further grants to AP Biotech a non exclusive, ************* worldwide
license to make, have made, use and sell the Ligands in order to develop, use
and sell Products (i) for those Ligands which ************* are supplied in
accordance with

                                       7
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

Section 5.2, and (ii) for any Ligand that Dyax is unable or unwilling to supply
to AP Biotech in sufficient quantities required for AP Biotech to satisfy
customer demands for Products. AP Biotech may only invoke such license under
subsection (ii) if Dyax has failed to deliver Ligands in accordance with the
relevant supply agreement and in compliance with the relevant technical
specifications for a period of ************* after such delivery was due AP
Biotech, or immediately if Dyax notifies AP Biotech of its inability to supply.
Such license to AP Biotech under subsection (ii) shall terminate when Dyax
provides written evidence that it has the ability meet such customer demand on a
continuing and consistent basis in accordance with the terms of the supply
agreement.

7. Royalties.

7.1 Royalties. In consideration for the grant of rights from Dyax hereunder, AP
Biotech shall pay to Dyax *************.

7.2 Records. AP Biotech and its Affiliates shall at all times during the term of
this Agreement keep accurate records of its sales of the Products in sufficient
detail to enable the royalties payable on Net Sales Value to be determined and
the reports due under Section 7.4 to be provided to Dyax.

7.3 Audits. Dyax shall have the right at its own expense to appoint an
independent certified public accounting firm, such firm to be reasonably
acceptable to AP Biotech, to audit AP Biotech's and/or its Affiliate's records
which are necessary to verify the royalties payable under this Agreement. Such
audits shall be performed during normal business hours and may not be called for
more frequently than once in any calendar year and no later than one year after
the end of the reporting period to be audited

7.4 Payments and Reports. The ************* amount set forth in Section 7.1
above shall be paid to Dyax *************. The ************* set forth in
Section 7.1 above shall be reported and paid by AP Biotech on behalf of itself
and its Affiliates *************. Such payments shall be made to the account
specified in writing by Dyax or otherwise as instructed by Dyax.
*************.

The ************* shall be payable in United States dollars ($) at the rate of
exchange between Swedish Kronor and $ quoted by the Wall Street Journal on the
last day of the reporting period.

7.5 Taxes. Withholding or other taxes assessed on Dyax in connection with the
payment of running royalties (but not prepaid royalties) due hereunder and which
AP Biotech is required by law to deduct and withhold when making payments, shall
be paid by AP Biotech to the competent authority on behalf of Dyax. The
originals of the

                                       8
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

official government receipt for such taxes paid by AP Biotech on Dyax's behalf,
shall so indicate such fact and shall be sent by AP Biotech to Dyax not later
than thirty (30) working days after the date of payment, indicating net payment
of royalties to which such taxes relate, and in accordance with the instructions
given by Dyax. Upon receipt of such government receipt the sums so paid by AP
Biotech shall be credited by Dyax in partial discharge of the AB Biotech's
obligation ************* as provided for herein.

8. Trademarks

8.1   Dyax agrees that:

      (i)   AP Biotech has ************* a license to use the trademarks
            *************;

      (ii)  Dyax may only use such trademarks for the purpose, and during the
            term of this Agreement;

      (iii) any rights it may acquire in such trademarks shall be assigned to AP
            Biotech absolutely;

      (iv)  it shall not do or omit to do anything whereby in AP Biotech's
            opinion the goodwill and reputation of such trademarks is prejudiced
            or damaged.

8.2   AP Biotech agrees that

      (i)   Dyax is the owner of the trademarks "Dyax" and "Dyax "D" Logo";

      (ii)  AP Biotech may only use such trademarks and trade names for the
            purpose, and during the term of this Agreement;

      (iii) any rights it may acquire in such trademarks and trade names shall
            be assigned to Dyax absolutely;

      (iv)  it shall not do or omit to do anything whereby in Dyax's opinion the
            goodwill and reputation of such trademarks and trade names is
            prejudiced or damaged.

9. Ownership of Inventions & Publications

9.1 Subject to any pre-existing rights of third parties, Dyax shall be the sole
owner of all inventions, whether or not patentable, ************* made during
Dyax's discovery and/or development of Ligands. Subject to any pre-existing
rights of third parties, AP Biotech shall be the sole owner of all inventions,
whether or not patentable,

                                       9
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

*************. Such ownership shall be irrespective of whether or not such
inventions have been conceived and reduced to practice by employees or agents of
either AP Biotech or Dyax. For all other inventions, inventorship shall be
determined in accordance with United States federal patent law, with each party
to own the inventions of its own employees or agents. For solely owned
inventions, the owner shall be responsible for decisions, actions and costs
relating to obtaining patent protection for such inventions. For jointly owned
inventions, the parties shall mutually agree upon and jointly share
responsibility for decisions, actions and costs relating to obtaining patent
protection for such inventions and either party shall be free to exploit any
such invention but neither party may enforce any such jointly owned patent
without the agreement of the other party.

9.2 Subject to any third party restriction on disclosure and/or the need to
delay publication in order to file for patent protection pursuant to Section 9.1
above, the parties will jointly seek to publish (in oral or written form) on
results of Approved Projects. Such publications will be approved by the Steering
Committee and used by both parties in accordance with Section 4.1 for the joint
marketing of the Collaboration.

10. Indemnification

10.1 AP Biotech shall defend, indemnify and hold Dyax and its affiliates (the
"Dyax Indemnitees") harmless from, against, for and in respect of any and all
damages, losses, costs and expenses (including, without limitation, reasonable
attorney's fees and expenses of litigation) incurred by or imposed on the Dyax
Indemnitees or any of them in connection with any claims, suits, actions,
proceedings or judgments concerning AP Biotech's performance under this
Agreement or any product sold by AP Biotech to a third party, (including
infringement of a third party's intellectual property rights), unless such
injury or damage is caused by an act, negligent or otherwise of any of the Dyax
Indemnitees.

10.2 Dyax shall defend, indemnify and hold AP Biotech and its affiliates (the
"AP Biotech Indemnitees") harmless from, against, for and in respect of any and
all damages, losses, costs and expenses (including, without limitation,
reasonable attorney's fees and expenses of litigation) incurred by or imposed on
the AP Biotech Indemnitees or any of them in connection with any claims, suits,
actions, proceedings or judgments concerning AP Biotech's performance under this
Agreement or any product sold by AP Biotech to a third party, (including
infringement of a third party's intellectual property rights), unless such
injury or damage is caused by an act, negligent or otherwise of any of the AP
Biotech Indemnitees.

11. Confidential Information and Proprietary Materials

                                       10
<PAGE>

11.1 Subject to Sections 4.1, 9.2 and 16.2, each party undertakes to treat any
and all Confidential Information and Proprietary Materials as strictly
confidential and not to transfer, distribute or otherwise disclose it to any
third party for any purpose whatsoever and undertakes not to make use of any
such Confidential Information or Proprietary Materials, or any part thereof, for
any purpose other than for the purposes of this Agreement without the disclosing
party's prior written consent.

11.2 In the event of the either party visiting any of the establishments of the
other, the visiting party undertakes that any further information which may come
to its knowledge, as a result of any such visit, shall be kept strictly
confidential and that any such information will not be divulged to any third
party and will not be made use of in any way by the visiting party under any
circumstances.

11.3  The undertakings in Clauses 1 and 2 shall not apply to:

      11.3.1 Information or materials which at the time of disclosure is
             published or otherwise generally available to the public.

      11.3.2 Information or materials which after disclosure by the discloser is
             published or becomes generally available to the public, otherwise
             than through any act or omission on the part of the recipient.

      11.3.3 Information or materials which the recipient can show by reasonable
             written record was in its possession at the time of disclosure and
             which was not acquired directly or indirectly from the discloser.

      11.3.4 Information or materials rightfully acquired from a third party who
             did not obtain it under pledge of secrecy to the discloser or
             another.

      11.3.5 Information or materials which has been developed by the Recipient
             independently of the Confidential Information or Proprietary
             Materials received from the discloser.

11.4 The Confidential Information and Proprietary Materials shall not be deemed
to be in the public domain merely because any part of said Confidential
Information or Proprietary Materials is embodied in general disclosures or
because individual features, components or combinations thereof are known to the
public.

11.5 Each shall use any Proprietary Materials received from the other party
solely for the purposes of this Agreement and then in compliance with all
applicable laws and regulations and not for any in vivo experiments on human or
animal subjects. The recipient of the Proprietary Materials assumes all
liability for damages that may arise from the use, storage, or disposal of any
Proprietary Materials it receives and agrees

                                       11
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Confidential material omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote such omissions.

to defend, indemnify and hold the Proprietary Materials harmless from and
against any such losses, claims, demands, except to the extent caused by the
negligence or wilful misconduct of the party providing such Proprietary
Materials.

12. Representations and Warranties

12.1 Representations and Warranties. Both AP Biotech and Dyax warrant and
represent to each other, (i) that each has the legal right to enter into this
Agreement, (ii) that each has taken the necessary action to authorise the
execution of the Agreement, (iii) that the performance of their respective
obligations hereunder will not result in the breach of any agreement to which
either is a party, and (iv) that neither party controls any patent right or
other intellectual property right which are necessary for the other party to
carry out its rights and obligations by this Agreement.

12.2 Disclaimer of Warranties. EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT,
DYAX AND AP BIOTECH EACH DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING
WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE AND NON-INFRINGEMENT WITH RESPECT TO ANY OF THE LIGANDS AND THE PRODUCTS
IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR INDIRECT, SPECIAL OR CONSEQUENTIAL
DAMAGES SUCH AS LOSS OF PROFITS OR BUSINESS OPPORTUNITIES.

13. Term & Termination

13.1 Term. This agreement shall commence on the Effective Date and continue for
an initial period of *************, subject to renewal upon mutual written
agreement of the parties.

13.2 Termination for Material Breach or Default. This Agreement may be
terminated by either party upon sixty (60) days written notice to the other
party if the other party materially breaches or becomes in default of any
provision hereof, unless such breach or default is corrected or reasonable
efforts are being made to correct such breach or default within the notice
period.

13.3 Insolvency etc.. Either party shall be entitled to terminate this Agreement
immediately upon written notice to the other if that other party becomes
insolvent or makes an arrangement with its creditors or has a receiver or
administrator appointed to the whole or any part of its assets or if an order is
made or a resolution passed for its winding up, unless such order or resolution
is part of a scheme for its amalgamation or reconstruction.

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<PAGE>

13.4 Effects of Termination Upon termination or expiration of the Agreement, all
rights and obligations of AP Biotech and Dyax shall terminate except with
respect to Ligands and Products resulting from Approved Projects existing as of
the effective date of termination or expiration. For such Ligands and Products,
the provisions of Articles 5, 6 and 7 shall survive termination. In addition,
the provisions of Articles 9, 10, 11 and 12 shall survive termination or
expiration of this Agreement and shall continue in full force and effect.

14. Force Majeure

14.1 The obligations of either party hereunder shall be excused or suspended to
the extent performance is prevented or delayed by any future condition, which
(i) is beyond the reasonable control, and without the fault or negligence, of
the Party affected thereby, (ii) was not foreseeable by such Party at the time
this Agreement was entered into, and (iii) could not have been prevented by such
Party taking reasonable steps. Such conditions shall include but not be limited
to war, mobilisation, riots, fire, explosion, flood, insurrection, embargo,
currency restriction, shortage of transport, general shortage of material and
acts or omissions or governments in their sovereign capacity.

14.2 The party invoking Section 13.1 hereof shall, within seven (7) days after
commencement of the condition there mentioned, give written notice thereof , and
of the anticipated consequences thereof, to the other Party. Within seven (7)
days after termination or cessation of such condition, the affected party shall
give further written notice to the other Party detailing the actual results of
such condition.

14.3 In the event of any such condition, the Party affected thereby shall take
all reasonable measures to mitigate and minimise the effect of the condition,
and to resume as promptly as possible the diligent performance of its
obligations under this Agreement. Nothing in this Section 13 shall, however,
obligate either Party to settle strikes or other labour disputes except on terms
and conditions which it, in the exercise of its sole discretion, deems
appropriate.

15. Governing Law & Dispute Resolution

15.1 This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

15.2 All disputes arising in connection with the present contract shall be
submitted to an executive person of each party having the power to enter into a
binding decision on behalf of their respective principals for decision. If such
executive cannot resolve the issue within forty-five (45) days then such dispute
shall be finally settled under the Rules of Conciliation and Arbitration of the
International Chamber of Commerce by one or more arbitrators appointed in
accordance with said Rules. The arbitration

                                       13
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procedures shall take place in New York, NY and shall be held in the English
language, provided that documents may be presented in other languages.

15.3 This agreement and any award rendered pursuant to it shall be governed by
the 1958 Convention on the Recognition and Enforcement of Foreign Arbitration
Awards. Judgment upon the award rendered may be entered in any court having
jurisdiction or application may be made to such court for a judicial acceptance
of the award or an order of enforcement, as the case may be.

16. Miscellaneous

16.1 Publicity. Subject to Section 4.1, no press release, advertising,
promotional sales literature, or other promotional oral or written statements to
the public in connection with or alluding to work performed under this Agreement
or the relationship between the parties created by it, having or containing any
reference to AP Biotech or Dyax shall be made by either party without the prior
written approval of the other party, except for restatements of
previously-approved statements and disclosures required by applicable law or
regulation. Notwithstanding the foregoing, the parties agree to promptly
announce this Agreement and its general subject matter in a mutually agreed upon
press release.

16.2 Amendments. No provision of this Agreement may be amended, modified or
otherwise changed, other than by an instrument in writing duly executed on
behalf of the parties to this Agreement.

16.3 Assignment. Neither party shall have the right to assign it without the
prior written consent of the other party except that a party may assign the
Agreement to a subsidiary or an affiliate over which its exercises control or to
another entity in conjunction with the sale of the assets to which this
Agreement relates. Any unauthorised assignment or transfer or sub-license shall
be invalid and of no effect.

16.4 Entire Agreement. This Agreement constitutes the entire agreement and
supersedes all prior agreements and understandings, both written and oral,
between the parties hereto with respect to the subject matter hereof and no
party shall be liable or bound to the other in any other manner, except as set
forth herein.

16.5 Notices. Any notice which either party may wish to send to the other shall
be deemed to have been duly sent if delivered or posted by airmail to such party
at the address as set out in this clause or to such other address as may have
been notified pursuant to the provisions of this clause and if delivered shall
be deemed to have been received on the day of delivery and if posted then on the
seventh working day next following the day of posting, provided, however, that
any such notice may be sent by facsimile and shall be deemed to have been
received at the beginning of the working day next following the day of
transmission if the receiving machine causes the sending

                                       14
<PAGE>

machine to print the answer back code of the receiving machine at the beginning
and end of an uninterrupted transmission.

If to AP Biotech: Amersham Pharmacia Biotech AB
                  Attention: Johan von Heijne
                  Bjorkgatan 30
                  S-751 84 Uppsala
                  Sweden
                  Telefax: +46 18 16 63 17
                    With a copy to:
                  Legal Department
                  Telefax: +46 18 16 53 22

If to Dyax:       Dyax Corp.
                  Attention: Robert A. Dishman
                  One Kendall Square, Bldg. 600
                  Cambridge, Massachusetts 02139
                  USA
                  Telefax: +1 617 225 2501

16.6 Relationship. In making and performing this Agreement, the parties are
acting and shall act at the times as independent contractors, and nothing
contained in this Agreement shall be construed or implied to create any agency,
partnership or employer and employee relationship between AP Biotech and Dyax.
At no time shall any party make commitments or incur any charges or expenses for
or in the name of the other party.

16.8 Severability. The invalidity or unenforceability of one or more provisions
of this Agreement shall not affect the validity or enforceability of any of the
other provisions hereof, and this Agreement shall be construed in all respects
as if such invalid or unenforceable provisions were omitted.

16.9 Waiver. Any delay in enforcing a party's rights under this Agreement or any
waiver as to a particular default or other matter shall not constitute a waiver
of a party's right to the future enforcement of its rights under this Agreement,
excepting only as to an expressed written and duly signed waiver to a particular
matter for a particular period of time.

Signed of and on behalf of             Signed for and on behalf of

Amersham Pharmacia Biotech AB          Dyax Corp.

Signature: /s/ Johan von Heijne...     Signature: /s/ Robert A. Dishman
           --------------------                   ---------------------

Position:.........................     Position:.......................

                                       15
<PAGE>

Date:.............................      Date:..........................

                                       16

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