Getty Images

Pharma Giant Shire Buys Biotech Firm Dyax

Nov. 2, 2015
Dyax, a US company specializing in treatment for rare diseases, has developed a promising test drug treatment for a genetic inflammatory condition called HAE.

LONDON—Dublin-based pharmaceutical group Shire said Monday it had agreed to buy Dyax, a U.S. company specializing in rare diseases, for $5.9 billion (5.34 billion euros).

"This highly complementary transaction aligns with and accelerates our strategy to build a global leading biotechnology company focused on rare diseases and speciality conditions," Shire's chief executive Flemming Ornskov said in a statement outlining the deal that could rise by a further $650 million.

Dyax's chief executive, Gustav Christensen, said the "transaction will deliver substantial value" to his company's shareholders amid a sustained period of sector consolidation.

He added that the deal highlights Dyax's "shared commitment to bringing innovative medicines to patients who suffer from the devastating effects of HAE" -- described in the statement as a "rare, debilitating genetic inflammatory condition."

London-listed Shire, which is betting on success for Dyax's DX-2930 test drug treatment for HAE, added that it had not given up on trying to buy U.S. biotech firm Baxalta in a much bigger deal.

"Even with this (Dyax) transaction, we will continue to have the financial firepower to pursue other value-added strategic acquisitions, including Baxalta," Ornskov said in Monday's statement.

Shire had a $30-billion offer for Baxalta turned down by the U.S. group in August.

Copyright Agence France-Presse, 2015

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2017. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.

Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!