|[March 14, 2014]
Dyax Announces Pricing of $74 Million Public Offering of Common Stock
BURLINGTON, Mass. --(Business Wire)--
Dyax Corp. (NASDAQ: DYAX) today announced the pricing of an underwritten
public offering of 8,000,000 shares of its common stock, offered at a
price to the public of $9.25 per share. The gross proceeds to Dyax from
this offering are expected to be $74 million, before deducting the
underwriting discounts and commissions and other estimated offering
expenses payable by Dyax. The offering is expected to close on or about
March 19, 2013, subject to customary closing conditions.
Jefferies LLC is acting as the sole book-running manager for the
offering. Cowen and Company, LLC is acting as the co-lead manager, with
Wedbush PacGrow Life Sciences, Needham & Company, LLC, and Oppenheimer &
Co. Inc. acting as the co-managers. Dyax has granted the underwriters a
30-day option to purchase up to an aggregate of 1,200,000 additional
shares of common stock.
Dyax intends to use the net proceeds from this offering for global
development of DX-2930 for the prophylactic treatment of HAE, research
and development of product candidates, including DX-2930, to address
other plasma-kallikrein-mediated disorders, and general corporate
purposes. Additionally, proceeds from this offering may be used to
prepay some or all of the debt to HealthCare Royalty Partners, which
would enable Dyax to use cash flow from its Licensing and Funded
Research Portfolio (LFRP) to fund the research and development efforts
referenced above. The Company will retain broad discretion to allocate
A registration statement relating to the shares of Dyax common stock
being offered has been filed with, and declared effective by, the
Securities and Exchange Commission (the "SEC (News - Alert)"). A final prospectus
suplement relating to the offering will be filed with the SEC and will
be available on the SEC's website at http://www.sec.gov.
Copies of the final prospectus supplement and related prospectus, when
available, may be obtained from Jefferies LLC, Attention: Syndicate
Prospectus Department, 520 Madison Avenue, New York, NY, 10022, by
telephone at 877-547-6340 or by email at Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
Dyax is a fully integrated biopharmaceutical company focused on the
discovery, development and commercialization of novel biotherapeutics
for unmet medical needs. The Company's key value drivers are the KALBITOR®
(ecallantide) business, DX-2930 and the LFRP.
For additional information about Dyax, please visit www.dyax.com.
For additional information about KALBITOR, including full prescribing
information, please visit www.KALBITOR.com.
This press release contains forward-looking statements, including
statements regarding the completion of Dyax's proposed sale of common
stock and the use of proceeds from that sale, that involve a number of
risks and uncertainties. Statements that are not historical facts are
based on Dyax's current expectations, beliefs and assumptions regarding
the market for its common stock. There can be no assurance regarding the
completion, timing or size of the proposed offering. Important factors
that could cause actual outcomes to differ materially from those
indicated by these forward-looking statements include risks and
uncertainties related to market conditions, the satisfaction of
customary closing conditions related to the proposed public offering and
others described in Dyax's most recent Annual Report on Form 10-K for
the year ended December 31, 2013. Dyax cautions investors not to place
undue reliance on the forward-looking statements contained in this
release. These statements speak only as of the date of this release, and
Dyax undertakes no obligations to update or revise these statements,
except as may be required by law.
Dyax, the Dyax logo and KALBITOR are registered marks of Dyax Corp.
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