Ornskov OK With Cinryze 'Cannibalization' As Shire Buys Dyax (And Keeps Baxalta Guessing)

Shire PLC is to acquire Dyax Corp. for $37.30 in cash per Dyax share, valuing the US biotech at around $5.9bn upfront. Dyax's promising hereditary angioedema (HAE) treatment DX-2930 could generate annual global sales "of up to $2.0bn" if approved for the prevention of type 1 and type 2 HAE, according to Shire. It is likely some of this revenue would come from "cannibalizing" Shire's current successful HAE treatment Cinryze (C1 esterase inhibitor [human]), but this doesn't concern CEO Flemming Ornskov.