Dyax Gets U.S. Regulatory Approval For Acquisition By Shire

(RTTNews) - Dyax Corp. (DYAX) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to its proposed acquisition by Shire Pharmaceuticals International or "SPI", an indirect wholly-owned subsidiary of Shire plc (SHPG, SHP.L), was terminated by the United States Federal Trade Commission or "FTC" on December 2, 2015.

As previously announced on November 2, 2015, Dyax and Shire have entered into a definitive merger agreement pursuant to which Shire will, through SPI, acquire Dyax for $37.30 in cash per Dyax share, for aggregate upfront consideration of about $5.9 billion.

Dyax shareholders may receive additional value through a non-tradable contingent value right that will pay $4.00 in cash per Dyax share upon approval of DX-2930 in hereditary angioedema (HAE), representing a potential additional $646 million in aggregate contingent consideration.

Termination of the HSR Act waiting period is one of the specified conditions to which the closing of the Merger is subject.

The completion of the Merger remains subject to certain other closing conditions, including adoption of the Merger Agreement by Dyax's stockholders.