OFFER OF EMPLOYMENT

Exhibit 10.1

Subject to approval by the Compensation Committee, Dyax agrees to grant you an Incentive Stock Option for the purchase of 100,000 shares of Dyax common stock at a purchase price equal to the fair market value of the stock on the grant date, which will be your first day of employment.  The options will be subject to the provisions of the Company’s 1995 Equity Incentive Plan (the “Plan”) and the Stock Option Award Agreement to be entered into by you and the Company following approval of the grant, which in relevant part will require that such options (i) vest in equal quarterly installments over four years; (ii) expire in 10 years; and (iii) may be exercised (as to the vested portion) for ninety (90) days following the termination of your employment.  Additionally, as a performance incentive to you, if the Company is successful in achieving its goal of dosing a patient in a pivotal, placebo-controlled Phase III clinical trial of DX-8