Fri, Jan. 22, 9:47 AM
- Shire plc (SHPG +3.1%) completes its $5.9B acquisition of (DYAX), whose shareholders will receive $37.30 per share in cash plus potentially $4 more via a non-tradable contingent value right (CVR) related to the regulatory clearance of DX-2930 for the treatment of hereditary angioedema (HAE). A Phase 3 study should be completed in December.
- Previously: Shire buys Dyax for $5.9B in cash (Nov. 2, 2015)
Wed, Jan. 20, 3:46 PM
Dec. 15, 2015, 8:32 AM
- Intercept Pharmaceuticals (NASDAQ:ICPT) is up 9% premarket on light volume, apparently stoked by rumors of a possible bid by Shire plc (NASDAQ:SHPG).
- Shire is supposedly close to a deal to acquire Baxalta (NYSE:BXLT) for at least $30B in cash and stock. It recently bought (NASDAQ:DYAX) for $5.9B.
- Previously: Bloomberg: Shire and Baxalta getting closer to deal (Dec. 11)
- Previously: Shire buys Dyax for $5.9B in cash (Nov. 2)
Dec. 11, 2015, 4:47 PM
Dec. 2, 2015, 5:40 PM
- Dyax (NASDAQ:DYAX) is up 12.1% after hours, and ADRs for Shire (NASDAQ:SHPG) are up 1.5%, as the Hart-Scott-Rodino antitrust waiting period for Shire's acquisition of Dyax (DYAX) was ended today by the FTC.
- Shire had entered into an agreement to buy Dyax for about $5.9B, or $37.30/share in cash. Dyax was most recently trading at $37.40 after hours.
- In the deal, Dyax's shareholders could get additional value beyond the cash in a non-tradable contingent value right worth $4/share, depending on the approval of DX-2930.
- Previously: Shire buys Dyax for $5.9B in cash (Nov. 02 2015)
Nov. 2, 2015, 6:59 AM
- Shire (NASDAQ:SHPG) acquires Dyax (NASDAQ:DYAX) for $37.30 per share in cash or $5.9B. Dyax shareholders may earn an additional $4.00 per share in cash via a non-tradable contingent value right (CVR) for the regulatory approval of Phase 3-stage DX-2930 for the treatment of hereditary angioedema (HAE).
- The product candidate has Breakthrough Therapy and Orphan Drug status in the U.S. and Orphan Drug status in the EU. A Phase 3 study should commence this quarter. If approved, it could generate up to $2B in annual sales.
- Dyax develops plasma kallikrein inhibitors for the treatment of HAE. Its top product is KALBITOR (ecallantide), approved by the FDA in December 2009, for the treatment of acute attacks fo HAE in patients at least 12 years old. It generated almost $18M in sales in Q3.
Oct. 12, 2015, 6:00 PM
- Biopharmaceutical firm Dyax (NASDAQ:DYAX) is up 52.7% after hours, to $36 after closing out down 1.8% to $23.58.
- The stock's been the subject of some takeover chatter today after Betaville's Ben Harrington mentions "very speculative" talk in the London market about Dyax being a potential takeout.
- The company focuses on treatment for rare blood disorders and has a portfolio with one approved product and a number of product candidates in various stages.
- The shares are up 67.7% YTD.
Jun. 11, 2015, 7:59 AM
- RBC Capital Markets' Michael Yee says (NASDAQ:DYAX) would be a juicy acquisition for the likes of Sanofi (NYSE:SNY), Alexion Pharmaceuticals (NASDAQ:ALXN) or BioMarin Pharmaceutical (NASDAQ:BMRN). He thinks the takeout price could be as high as $39 per share or 59% above yesterday's close of $24.53.
- Dyax's allure pertains to its investigational drug for hereditary angioedema (HAE), Fast Track-designated DX-2930, which has performed well in early-stage studies. The only approved therapy for HAE is Shire's (NASDAQ:SHPG) Cinryze [C1 esterase inhibitor (human)] which costs as much as $630K per year. Its on track to be Shire's #2 seller in two years.
- Previously: Dyax +39.1% on positive DX-2930 trial results (March 31)
- Previously: Dyax scores Orphan designation for HAE treatment (Dec. 5, 2013)
Mar. 5, 2015, 8:52 AM
- AbbVie's (NYSE:ABBV) extraordinarily generous buyout of Pharmacyclics (NASDAQ:PCYC) is a crystal clear example of how keen big pharma is to boost its prospects with biotech drugs with blockbuster potential. The transaction's $20B tab, backing out PCYC's $1B cash balance, values Imbruvica (ibrutinib) at $40B since Pharmacyclics' commercial partner Johnson & Johnson (NYSE:JNJ) gets 50% of Imbruvica's revenue. This implies a multiple of almost 7x Imbruvica's projected peak sales of $6B. By comparison, Amgen's (NASDAQ:AMGN) takeout of Onyx Pharma and Sanofi's (NYSE:SNY) takeout of Genzyme were both at 5x premiums.
- The looming patent expiration for Humira ($12.5B in sales the past four quarters) undoubtedly provided AbbVie extra incentive to get the deal done.
- Adding 50% of Imbruvica's sales to AbbVie's top line should increase its revenue growth 3 - 7% and EPS growth 8 - 11% through 2020.
- According to RBC analyst Michael Yee, other biotechs on the big ticket acquisition radar are: BioMarin Pharmaceuticals (NASDAQ:BMRN), Dyax (NASDAQ:DYAX), Esperion Therapeutics (NASDAQ:ESPR), United Therapeutics (NASDAQ:UTHR), Vertex Pharmaceuticals (NASDAQ:VRTX), Intercept Pharmaceuticals (NASDAQ:ICPT), Juno Therapeutics (NASDAQ:JUNO), Kite Pharma (NASDAQ:KITE), PTC Therapeutics (NASDAQ:PTCT) and Receptos (NASDAQ:RCPT).
Sep. 14, 2013, 11:16 AM
- On Friday, Deutsche's Robyn Karnauskas put fair value for ViroPharma (VPHM) in a takeout at $46-52/share. For those curious, details are out regarding the rationale.
- If Shire (SHPG) ends up bidding, Karnauskas sees 70% SG&A synergies and $52/share. SHPG presumably has a hereditary angioedema sales force that would work out nicely thanks to Firazyr.
- For a bidder with no existing HAE sales force, Karnauskas sees $46/share and 25% SG&A synergies.
- Deutsche is modeling "100% probability [of] Maribavir sales in refractory CMV."
- Keep an eye on BioCryst (BCRX) going forward: An oral option for HAE represented by BCX4161 may shakeup a market currently dominated by injectable solutions. BCRX also has a 2nd Gen kallikrein inhibitor in the works.
- Another kallikrein inhibitor: Dyax's (DYAX) Kalbitor
- See previous coverage of the prospective deal here
Dyax Corp is a biopharmaceutical company focused on Hereditary Angioedema and Other Plasma-Kallikrein-Mediated (PKM)Disorders and Licensing and Funded Research Portfolio.
Country: United States