Dyax Announces Pricing of $200 Million Public Offering of Common Stock

BURLINGTON, Mass.--(BUSINESS WIRE)--Dyax Corp. (NASDAQ: DYAX) today announced the pricing of an underwritten public offering of 7,400,000 shares of its common stock, offered at a price to the public of $27.00 per share. The gross proceeds to Dyax from this offering are expected to be approximately $200 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Dyax. Dyax has granted the underwriters a 30-day option to purchase up to an aggregate of 1,110,000 additional shares of common stock. The offering is expected to close on or about April 13, 2015, subject to customary closing conditions.

BofA Merrill Lynch and Cowen and Company are acting as lead book-running managers and RBC Capital Markets, LLC is acting as joint book-running manager for the offering. Needham & Company and Wedbush PacGrow are acting as co-managers.

Dyax intends to use the net proceeds from this offering to develop and, if approved, commercialize DX-2930 worldwide for the prophylactic treatment of hereditary angioedema, for research and development of product candidates to address additional plasma-kallikrein-mediated (PKM) disorders and other orphan diseases outside the PKM pathway, to prepay all of the debt outstanding under the loan agreement with LFRP Investors, L.P., an affiliate of HealthCare Royalty Partners, and for general corporate purposes. The Company will retain broad discretion to allocate the proceeds.

The offering is being made pursuant to an automatically effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC") on November 14, 2014. A prospectus supplement relating to the offering will also be filed with the SEC and will form a part of the effective registration statement. Copies of the prospectus supplement and the accompanying prospectus may be obtained, when available, by sending a request to BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department, or e-mail [e-mail]; or Cowen and Company, LLC, c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: [phone], Fax: [phone].

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.

Disclaimer
This press release contains forward-looking statements, including statements regarding the completion of Dyax’s proposed sale of common stock and the use of proceeds from that sale, that involve a number of risks and uncertainties. Statements that are not historical facts are based on Dyax’s current expectations, beliefs and assumptions regarding the market for its common stock. There can be no assurance regarding the completion, timing or size of the proposed offering. Important factors that could cause actual outcomes to differ materially from those indicated by these forward-looking statements include risks and uncertainties related to market conditions, the satisfaction of customary closing conditions related to the proposed public offering and others described in Dyax’s most recent Annual Report on Form 10-K for the year ended December 31, 2014. Dyax cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this release, and Dyax undertakes no obligations to update or revise these statements, except as may be required by law.

Dyax, the Dyax logo and KALBITOR are registered marks of Dyax Corp.