NEW YORK, Nov. 6, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Dyax Corp. ("DYAX" or the "Company") by Shire Plc ("Shire") is being investigated by WeissLaw LLP, a national class action, shareholder rights law firm, for possible breaches of fiduciary duty and other violations of law by the Board of Directors of DYAX for agreeing to sell the Company to Shire. On November 2, 2015, the Company announced a definitive agreement for Shire to acquire DYAX in a transaction valued at $5.9 billion. Under the terms of the agreement, DYAX shareholders will receive $37.30 in cash for each DYAX share they own. Shareholders will receive a one-time cash payment of $4.00 upon the approval of DX-2930, a drug developed for the prevention of hereditary angioedema. This represents a potential additional $646 million in aggregate contingent consideration.
WeissLaw is investigating whether DYAX's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the acquisition of DYAX will position Shire as an industry leader in the treatment of hereditary angioedema and other rare diseases. Additionally, if approved, DX-2930 is expected to generate approximately $2.0 billion in annual sales for Shire. Further, Shire will also obtain patent protection and regulatory exclusivity for DX-2930 until at least 2032.
Given these facts, WeissLaw is investigating whether DYAX's Board acted in the best interests of DYAX's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Shire. If you own DYAX shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP