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Dyax (DYAX) Stock Soars on $5.9 Billion Shire Deal

NEW YORK (TheStreet) -- Dyax Corp. (DYAX - Get Report) stock is rising 33.31% to $36.70 in pre-market trading on Monday, after the biopharmaceutical company agreed to be acquired by Shire (SHPG) for $5.9 billion.

Shire stock is also gaining, up 0.21% to $227.52 this morning.

Shire will pay $37.30 in cash per share to acquire Dyax, which focuses on developing treatment for hereditary angioedema, a rare genetic disease.

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"This highly complementary transaction aligns with and accelerates our strategy to build a global leading biotechnology company focused on rare diseases and specialty conditions," Shire CEO Flemming Ornskov said in a statement.

Dyax shareholders may also receive $4 in cash per share through a non-tradable contingent value right if the company's treatment DX-2930 is approved, adding $646 million to the offer.

The treatment will enter its third phase in clinical trials by the end of this year and could make up to $2 billion in annual sales if approved by regulators.

The transaction is pending shareholder and regulatory approval, but...