Shire to acquire Dyax in $5.9 billion deal
pharmafile | November 2, 2015 | News story | Manufacturing and Production, Research and Development, Sales and Marketing | Dyax, M&A, MA, R&D, Shire, hereditary angioedema, rare disease
Shire has struck a deal to acquire the biotech firm Dyax for $5.9 billion, in order to acquire exclusive rights to its portfolio of rare disease treatments.
The deal includes the investigational drug DX-2930, a drug in Phase III development for Hereditary Angioedema (HAE); a rare genetic inflammatory condition. The companies say DX-2930 has potential to expand HAE-treated patients and achieve annual worldwide sales of up to $2 billion with exclusivity beyond 2030.
Dyax is a biotech company based in Massachusetts, that is primarily focused on the development of plasma kallikrein (pKal) inhibitors for the treatment of HAE, a debilitating and sometimes life-threatening rare genetic disease.
Dyax has already successfully developed and commercialised Kalbitorn (ecallantide), which is approved in the US for treatment of acute HAE in patients 12 years of age and older. DX-2930, a Phase III-ready, monoclonal antibody targeting pKal. In a proof-of-concept Phase 1B study DX-2930 achieved more than a > 90% reduction in HAE attacks compared to placebo, in patients with more than two attacks in the three months prior to study entry.
DX-2930 has received Fast Track, Breakthrough Therapy, and Orphan Drug designations by the FDA and has also received Orphan Drug status in the EU. It is expected to enter Phase 3 clinical trials by the end of 2015.
Shire is still in pursuit of a $30 billion takeover of Baxalta, and recently posted a 7% sales growth in its financial results for the third quarter of 2015. Chief executive Flemming Ornskov says “aligns with and accelerates our strategy to build a global leading biotechnology company focused on rare diseases and specialty conditions.
“We have closely followed DX-2930’s progress in the evolving HAE landscape for some time, and we admire the work of the Dyax team in moving this next-generation therapy forward. Through compelling proof of concept clinical data, this potentially transformative therapy has been shown to be both highly efficacious and convenient, two key product attributes desired by both physicians and patients.”
Dr. Ornskov continues: “DX-2930 is a strategic fit within our HAE domain expertise, and we are well-positioned to advance the development, registration, and commercialisation of DX-2930 for the benefit of HAE patients. This transaction also offers other potential upside opportunities, including Dyax’s early-stage pipeline.
“I am also confident that our M&A expertise and the ongoing strength of our business will enable rapid and effective integration following the closing, as demonstrated by the success of our NPS and ViroPharma acquisitions. Even with this transaction, we will continue to have the financial firepower to pursue other value-added strategic acquisitions, including Baxalta.”
While Dyax president and chief executive Gustav Christensen says: “Kalbitor was an important first step to bringing a range of HAE medicines to patients. Shire’s expertise and proven rare disease patient identification and management capabilities make it the ideal partner to efficiently bring DX-2930 to HAE patients worldwide.”
Lilian Anekwe
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