Shire To Buy Dyax For $5.9 Billion

Shire PLC said on Monday it is buying biotech company Dyax Corp. for $37.30 in cash per Dyax share, or $5.9 billion. Dyax shareholders may receive an additional $4 per share, depending on the approval of its DX-2930 drug to prevent attacks of hereditary angioedema. That would increase the deal to $6.546 billion. Shares of Dyax rallied 31% ahead of the bell, while Shire fell 1.2% in London. Dyax shares moved sharply higher in mid-October on market rumors that the biotech firm was a takeover target.