Shire's New Buy Dyax is Another Biotech with Ties to Genzyme
Former Tufts University researcher Henry Blair founded Dyax Corp. in 1995, 14 years after he co-founded Genzyme. And following in the footsteps of the success of Genzyme — which resulted in that company’s $20 billion acquisition in 2011 — Dyax has now bankrolled its success in drugs to treat a rare genetic swelling disease into a $5.9 billion buyout bid.
While that acquisition has yet to be approved by Dyax (Nasdaq: DYAX) shareholders (the deal is expected to close by next summer), the bid by Shire Pharmaceuticals (Nasdaq: SHPG) is a 35 percent premium to Dyax’s share price as of last week. Before today’s news, Dyax was up nearly double the company’s value as of Jan. 1. And Shire will pay Dyax shareholders an additional $646 million assuming its drug to prevent attacks of hereditary angiodema succeeds in Phase 3 trials and wins FDA approval.
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While that acquisition has yet to be approved by Dyax (Nasdaq: DYAX) shareholders (the deal is expected to close by next summer), the bid by Shire Pharmaceuticals (Nasdaq: SHPG) is a 35 percent premium to Dyax’s share price as of last week. Before today’s news, Dyax was up nearly double the company’s value as of Jan. 1. And Shire will pay Dyax shareholders an additional $646 million assuming its drug to prevent attacks of hereditary angiodema succeeds in Phase 3 trials and wins FDA approval.
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