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 the proceeds.
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”). A final prospectus supplement 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 jurisdiction.
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