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Shire Buys Biotech As It Chases Baxalta

(FROM THE WALL STREET JOURNAL 11/3/15)

LONDON -- In another sign of the frenzied pace of drug-industry consolidation, Shire PLC is taking on a double dose of deal-making, agreeing to a takeover deal with a potential value of $6.5 billion for biotech Dyax Corp. even as it chases a $30 billion deal for rare-disease rival Baxalta Inc.

Shire said Monday that it would pay an initial $37.30 a share, or a total of $5.9 billion for Dyax, a premium of about 35% to the company's close on Friday. The drug maker also agreed to pay a potential $4 a share, or $646 million, tied to approval for Dyax's experimental drug for hereditary angioedema, a rare and potentially life-threatening disease that causes swelling.

The drug in question, DX-2930, is a long-acting injectable treatment that aims to lower the rate of hereditary angioedema, or...


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