The Dyax stock price surged 33% to $36.68 Monday morning after Irish drug giant Shire Plc. (Nasdaq ADR: SHPG) agreed to buy the American biotech company for $6.5 billion.
Under terms of the deal, Dyax Corp.'s (Nasdaq: DYAX) shareholders will receive an upfront cash payment of $37.50 a share. That's a 35% premium to Dyax's closing price on Friday. It also values Dyax at $5.9 billion.