Dyax Announces Full Exercise of Underwriters' Option to Purchase Additional Shares

Business Wire

BURLINGTON, Mass.--(BUSINESS WIRE)--

Dyax Corp. (DYAX) today announced that the underwriters of its previously announced public offering have exercised in full their option to purchase an additional 1,200,000 shares of Dyax's common stock at a price to the public of $9.25 per share, less customary underwriting discounts and commissions. The net proceeds of approximately $10.4 million from the exercise of the option brings the aggregate net proceeds from the offering to approximately $80.0 million, after deducting the underwriting discount and other estimated offering expenses payable by Dyax. The additional shares were delivered to the underwriters on March 25, 2014.

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.

As previously announced, 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 (HCRP), 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. Dyax 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 has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and related prospectus 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.

About Dyax

Dyax is a fully integrated biopharmaceutical company focused on the discovery, development and commercialization of novel biotherapeutics for unmet medical needs. Dyax's key value drivers are the KALBITOR®(ecallantide) business, DX-2930 and the LFRP.

For additional information about Dyax, please visit www.dyax.com.

For additional information about KALBITOR, including full prescribing information, please visit www.KALBITOR.com.

Disclaimer

This press release contains forward-looking statements, including statements regarding the use of proceeds from Dyax's sale of common stock, 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 research and development activities and the potential for repayment of the HCRP debt. Important factors that could cause actual outcomes to differ materially from those indicated by these forward-looking statements include risks and uncertainties related to research and development activities, the repayment of the HCRP debt and others factors described in Dyax's most recent Annual Report on Form 10-K for the year ended December 31, 2013. 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.

Contact:
Dyax Corp.
Jennifer Robinson, 617-250-5741
Associate Director, Investor Relations
and Corporate Communications
jrobinson@dyax.com

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