Dyax Corp. (2.2%) (DYAX – $37.62 – NASDAQ) (DYAX, Financial) is a Burlington, Massachusetts based biopharmaceutical company. The company is targeting hereditary angioedema (HAE), a rare, genetic inflammatory condition, via their pipeline drug DX-2930, an injectable treatment for acute HAE. On November 2, 2015, the company received a $5.9 billion cash merger offer by Shire plc, a leading specialty pharmaceutical company with an interest in the HAE space. The offer is structured to include $37.30 cash per share at closing, along with a contingent value right (CVR) potentially worth $4.00. The CVR is tied to the FDA approving DX-2930 by 2019. The deal closed on January 22, 2016.
From Mario Gabelli (Trades, Portfolio)'s ABC Fund Merger and Arbitrage shareholder letter for the fourth quarter 2015.
