Dyax Corp. (NASDAQ:DYAX) 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 the treatment of 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 was structured to include $37.30 cash per share at closing, along with a contingent value right (CVR) (0.1% of net assets as of March 31, 2016) potentially worth $4.00. The CVR is tied to the FDA approving DX-2930 by 2019. The deal was approved by U.S. antitrust regulators, and it closed on January 22, 2016. No return data is available for the deal at this time because of the CVR structure and unknown future payout amounts.
From Mario Gabelli (Trades, Portfolio)'s first quarter 2016 ABC Fund shareholder commentary.
