Ropes & Gray Represents Shire in Acquisition of Dyax Corp.
Ropes & Gray represented Shire plc in its acquisition of Dyax Corp., a biotechnology company primarily focused on the development of plasma kallikrein inhibitors for the treatment of hereditary angioedema (HAE), a debilitating and sometimes life-threatening rare genetic disease.
Dyax’s most advanced clinical program is 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.
Shire will acquire Dyax for $37.30 per Dyax share, for aggregate upfront cash consideration of $5.9 billion and a non-tradable contingent value right that will pay an additional $4 in cash per Dyax share upon FDA approval of DX-2930 for the prevention of type 1 and type 2 HAE, if approved prior to Dec. 31, 2019, representing a potential additional $646 million in aggregate contingent consideration.
The transaction, announced Nov. 2, is expected to close in the first half of 2016 and is subject to approval by Dyax shareholders and customary closing conditions and regulatory approvals.
The Ropes & Gray team included mergers & acquisitions partners Christopher Comeau and Paul Kinsella, tax partners David Saltzman, life sciences partner Albert Cacozza, and securities & public companies associates Zachary Blume and Tara Fisher.