Dyax Closes $230 Million Public Offering of Common Stock

Dyax Corp. (NASDAQ: DYAX) today announced the closing of an underwritten registered public offering of 8,510,000 shares of its common stock at a price to the public of $27.00 per share. The shares of common stock issued in the offering included 1,110,000 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares. The net proceeds from the offering were approximately $215,783,800 million, after deducting the underwriting discount and estimated offering expenses payable by the Company.

BofA Merrill Lynch and Cowen and Company acted as lead book-running managers and RBC Capital Markets, LLC acted as joint book-running manager for the offering. Needham & Company and Wedbush PacGrow acted as co-managers.

The offering was made pursuant to an automatically effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC") on November 14, 2014. A prospectus supplement relating to the offering was filed with the SEC and forms a part of the effective registration statement. Copies of the prospectus supplement and the accompanying prospectus may be obtained, when available, by sending a request to BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department, or email dg.prospectus_requests@baml.com; or Cowen and Company, LLC, c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 631-274-2806, Fax: 631-254-7140.

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.

Dyax Corp.Jennifer Robinson, 617-250-5741Director, Investor Relations and Corporate Communicationsjrobinson@dyax.com

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