Irish drug-maker Shire has expanded its hereditary angioedema (HAE) portfolio with the acquisition of US biopharmaceutical firm Dyax for $5.9bn.
Dyax is mainly focused on the development of plasma kallikrein (pKal) inhibitors to treat HAE, a debilitating and sometimes life-threatening rare genetic disease.
Under the deal, the Irish firm paid $37.30 in cash per each share of Dyax’s common stock. Shire will gain access to Dyax’s lead pipeline product, DX-2930, and Kalbitor (ecallantide), which are designed to treat HAE.
DX-2930 is a Phase III-ready asset that offers potentially transformative prophylactic therapy for HAE and Kalbitor is approved for HAE acute treatment in patients 12 years of age and older.
In addition, Dyax shareholders may receive an additional cash payment of $4 per share contingent to approval of DX-2930, which adds up to potential additional consideration of around $646m if the drug gets approved.
The deal was announced in November last year and was subject to Dyax shareholders approval and customary closing conditions.
Shire chief executive officer Flemming Ornskov said: "We are excited to complete the acquisition of Dyax and look forward to working alongside their very talented and committed team to address significant unmet patient need around the world.
"The addition of Kalbitor and DX-2930 to our portfolio strengthens our leadership position in HAE and, along with the commercial and research and development expertise at Dyax, is a clear strategic fit for us that advances our position as the global leader in rare diseases.
"We are confident that our patients, particularly those with HAE, will be served for many years to come."
After securing approval from the US Food and Drug Administration (FDA), DX-2930 is expected to be launched into the market in 2018.
DX-2930 is a fully humanised monoclonal antibody targeting pKal with proof-of-concept Phase IB efficacy data, which showed a reduction of more than 90% in HAE attacks compared to placebo in the 300mg / 400mg arms in patients, with more than two attacks in the three months prior to study entry.
If approved, DX-2930 has the potential to expand HAE-treated patients and achieve annual worldwide sales of up to $2bn with exclusivity beyond 2030.