Slaughter and May is advising Shire - acquisition of Dyax
Slaughter and May is advising Shire Plc on the acquisition of US-based biotechnology company Dyax Corp. for an aggregate upfront consideration of approximately $5.9 billion. Through the transaction, Shire will further its strategy to become a leading global biotechnology company and expand its portfolio of treatments for the rare genetic condition known as hereditary angioedema, or HAE.
Under the agreement, Shire will acquire Dyax for $37.30 per Dyax share. Dyax shareholders could also receive an additional $4.00 a share, or $646 million in total, if the US Food and Drug Administration (FDA) approves the company’s leading treatment for HAE, DX-2930, which is currently in development. Shire will fund the acquisition using a $5.6 billion fully underwritten term loan bank facility and its $2.1 billion revolving credit facility.
Slaughter and May is working with Ropes & Gray, who has advised Shire on US aspects and with Davis, Polk & Wardwell, who has advised Shire on US antitrust matters.