Biotech News: Shire (SHPG) to Buy Dyax (DYAX) in $5.9B Deal

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Drugmaker Shire (SHPG) has announced that it plans to purchase Dyax (DYAX) for $5.9 billion.

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Shire will pay $37.30  per share for Dyax. This represents a 35% premium over the closing price for DYAX stock on Friday. It’s also the largest acquisition that Shire has made, beating out its $5.2 billion acquisition of NPS Pharmaceuticals earlier this year, reports The Wall Street Journal.

Shire could also potentially pay an additional $646 million or $4 per share, if Dyax’s DX-2930 is approved. The drug is designed to treat hereditary angioedema, which is a rare disease that can result in death. Early trials of the drug have been completed with positive results, WSJ notes.

“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,” Flemming Ornskov, CEO of Shire, said in a statement. “Even with this transaction, we will continue to have the financial firepower to pursue other value-added strategic acquisitions, including Baxalta.”

DYAX shares were up 28% as of Monday afternoon.

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