Biotechnology Events

Home

Dyax Corporation Acquired by Shire

.

PLEASE SCROLL DOWN TO THE RESULTS SECTION (below) TO SEE THE OUTCOME OF THIS EVENT.

.

Dyax Corp. Sets January 21, 2016 As Date of Special Stockholder Meeting To Vote On Its Proposed Acquisition By Shire plc

BURLINGTON, Mass.--(BUSINESS WIRE)-- Dyax Corp. (NASDAQ:DYAX) ("Dyax") today announced it has set a date for a special meeting of its stockholders to consider and vote on the previously announced proposed acquisition of Dyax by Shire plc and certain other related matters. The special meeting will be held on January 21, 2016, at 1:00 p.m. Eastern Time, at the offices of Dyax, 55 Network Drive, Burlington, Massachusetts 01803.

Dyax stockholders of record as of the close of business on December 11, 2015 are entitled to notice of, and to vote at, the special meeting. The proposed acquisition is subject to approval by Dyax's stockholders and certain other customary closing conditions.
More
Source: press release, 12/11/15. http://investor.dyax.com/releasedetail.cfm?ReleaseID=946698

.

Shire to Acquire Dyax Corp, Expanding and Extending Industry-Leading Hereditary Angioedema (HAE) Portfolio

Lead pipeline product, DX-2930, is a Phase 3-ready asset, offering potentially transformative prophylactic therapy for HAE

DUBLIN and BURLINGTON, Massachusetts, November 2, 2015 /PRNewswire/ --

DX-2930 has potential to expand HAE-treated patients and achieve annual worldwide sales of up to $2 billion with exclusivity beyond 2030

DX-2930 is supported by proof-of-concept Phase 1B data, demonstrating a > 90% reduction in HAE attacks compared to placebo in the 300mg/400mg arms in patients with > 2 attacks in the 3 months prior to study entry

Acquisition furthers Shire's strategy to become a leading global biotech

Shire plc (LSE: SHP, NASDAQ: SHPG) and Dyax Corp. (NASDAQ: DYAX) today announced that Shire will acquire Dyax for $37.30 in cash per Dyax share, for aggregate upfront consideration of approximately $5.9 billion. Dyax shareholders may receive additional value through a non-tradable contingent value right (CVR) that will pay $4.00 in cash per Dyax share upon approval of DX-2930 in HAE, representing a potential additional $646 million in aggregate contingent consideration.

Dyax is a publicly traded, Massachusetts-based biotechnology company primarily focused on the development of plasma kallikrein (pKal) inhibitors for the treatment of HAE, a debilitating and sometimes life-threatening rare genetic disease. Dyax has already successfully developed and commercialized KALBITOR, which is approved for HAE acute treatment in patients 12 years of age and older, and represented an early innovation in HAE treatment.

Dyax's most advanced clinical program is DX-2930, a Phase 3-ready, fully humanized monoclonal antibody targeting pKal with proof-of-concept Phase 1B efficacy data. This data demonstrate a > 90% reduction in HAE attacks compared to placebo in the 300mg/400mg arms in patients with > 2 attacks in the 3 months prior to study entry.

DX-2930 has received Fast Track, Breakthrough Therapy, and Orphan Drug designations by the FDA and has also received Orphan Drug status in the EU. It is expected to enter Phase 3 clinical trials by year-end 2015. If approved for the prevention of Type 1 and Type 2 HAE, DX-2930 could generate estimated annual global sales of up to $2.0 billion.

Transaction Highlights

DX-2930

Adds Dyax's DX-2930, a Phase 3-ready, long-acting injectable monoclonal antibody for HAE prophylaxis, with the potential to lower rates of HAE attacks and significantly improve patient convenience based on clinical trial data reported to date
Offers patent protection and anticipated regulatory exclusivity beyond 2030
Adds to Shire's best-in-class therapies addressing significant unmet patient need

Shire and Dyax Combination

Combines Dyax's HAE commercial and research and development expertise with Shire's HAE leadership and proven ability to advance rare disease assets through development to commercialization
Provides additional early-stage antibody pipeline programs for the treatment of autoimmune diseases, diabetic macular edema and thrombosis
Adds Dyax's well-established proprietary phage display antibody generation technology to Shire's rare diseases discovery capabilities, as well as partnering revenue associated with Dyax's Licensing and Funded Research Portfolio (LFRP)
Shire

Expands and extends Shire's industry-leading HAE portfolio (FIRAZYR and CINRYZE), advancing its leadership position in rare diseases and enhancing an already robust growth profile
Brings potential for substantial value creation to Shire's shareholders, with significant earnings accretion expected assuming FDA approval and anticipated DX-2930 launch in 2018
Furthers Shire's transformation to a leading global biotech and world leader in rare diseases
Shire Chief Executive Officer Flemming Ornskov, M.D., commented:

"This highly complementary transaction aligns with and accelerates our strategy to build a global leading biotechnology company focused on rare diseases and specialty conditions. It adds to our portfolio of best-in-class therapies addressing unmet needs in our core therapeutic areas, expanding and extending our leadership position in HAE. We have closely followed DX-2930's progress in the evolving HAE landscape for some time, and we admire the work of the Dyax team in moving this next-generation therapy forward. Through compelling proof of concept clinical data, this potentially transformative therapy has been shown to be both highly efficacious and convenient, two key product attributes desired by both physicians and patients."

Dr. Ornskov continued, "DX-2930 is a strategic fit within our HAE domain expertise, and we are well-positioned to advance the development, registration, and commercialization of DX-2930 for the benefit of HAE patients. This transaction also offers other potential upside opportunities, including Dyax's early-stage pipeline. Following the close of this transaction, we look forward to welcoming Dyax employees, who will bring to Shire substantial clinical and commercial expertise in HAE. Dyax is to be commended for the world class organization they have built focused on HAE."

"I am also confident that our M&A expertise and the ongoing strength of our business will enable rapid and effective integration following the closing, as demonstrated by the success of our NPS and ViroPharma acquisitions. Even with this transaction, we will continue to have the financial firepower to pursue other value-added strategic acquisitions, including Baxalta."

Dyax President and Chief Executive Officer Gustav A. Christensen said:

"We believe this transaction will deliver substantial value to our shareholders and highlights our shared commitment to bringing innovative medicines to patients who suffer from the devastating effects of HAE. Our approved product, KALBITOR, was an important first step to bringing a range of HAE medicines to patients. Shire's expertise and proven rare disease patient identification and management capabilities make it the ideal partner to efficiently bring DX-2930 to HAE patients worldwide. I'm proud of the company that our team has built, and I'm confident that Dyax's important mission and focus on improving the lives of patients will continue as part of the Shire family."
More
Source: press release, 11/02/15. http://investor.dyax.com/releasedetail.cfm?ReleaseID=939641

.

Compound/DeviceSpecialtyIndicationCompound ClassTarget
Portfolio of compounds.N/AN/AN/AN/A

Mechanism of action: N/A

Phase of Development: N/A

Event Type: Corporate: Merger and Acquisition Closing

Dates: 2016-01-21

Results:

.

Shire Completes Acquisition of Dyax

Lexington, Mass. – January 22, 2016 – Shire plc (LSE: SHP, NASDAQ: SHPG) today announced that it has completed its acquisition of Dyax Corp. (NASDAQ: DYAX) in an all-cash transaction valued at approximately $5.9 billion, comprised of $37.30 in cash per Dyax share. Dyax shareholders may receive additional value through a non-tradable contingent value right (CVR) that will pay $4.00 in cash per Dyax share upon approval of DX-2930 for HAE, representing a potential additional $646 million in aggregate contingent consideration.

Shire’s Chief Executive Officer, Flemming Ornskov, MD, MPH, commented:

“We are excited to complete the acquisition of Dyax and look forward to working alongside their very talented and committed team to address significant unmet patient need around the world. The addition of Kalbitor and DX-2930 to our portfolio strengthens our leadership position in HAE and, along with the commercial and research and development expertise at Dyax, is a clear strategic fit for us that advances our position as the global leader in rare diseases. We are confident that our patients, particularly those with HAE, will be served for many years to come.”
More
Source: press release, 1/22/16. https://www.shire.com/~/media/shire/shireglobal/shirecom/pdffiles/newsro...

.