As part of negotiations, firm will purchase $10M of Dyax common stock.
Dyax entered into an exclusive negotiation period with Dompé Farmaceutici for a European license to DX-88 in angioedema indications including hereditary angioedema (HAE), for which the company recently completed its second Phase III trial.
As a condition for the exclusive negotiation rights that end at the end of September, Dompé entered into a securities sale agreement with Dyax to purchase 2,008,032 million shares of Dyax common stock in a private placement at $4.98 per share, which represents a 57% premium over the closing price on July 10, 2008. The offering, which represents a total investment of $10 million, is expected to close on July 17, 2008.
“We look forward to finalizing a partnership with Dompé for DX-88 in angioedema indications, and believe that their regulatory and commercial capabilities in Europe could add significantly to the DX-88 franchise worldwide,” commented Henry E. Blair, chairman, president and CEO of Dyax. “Dompé’s premium, unconditional investment in Dyax highlights the value potential of the DX-88 franchise as well as our proprietary phage display discovery technology. This agreement, if finalized, will be another step toward the completion of our DX-88 global strategy, which also includes a partnership with Cubist Pharmaceuticals for surgical indications, and our own commercial infrastructure for hereditary angioedema within the U.S.”