<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">WASHINGTON,
D.C. 20549</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">FORM
8-K</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">CURRENT
REPORT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">PURSUANT
TO SECTION 13 OR 15(d) OF THE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">SECURITIES
EXCHANGE ACT OF 1934</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">Date
of Report (Date of earliest event reported): June 20, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">DYAX
CORP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">(Exact
Name of Registrant as Specified in Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding: 0; layout-grid-mode: line; font-weight: bold; text-align: center; text-indent: 0">Delaware</TD>
    <TD STYLE="width: 33%; padding: 0; layout-grid-mode: line; font-weight: bold; text-align: center; text-indent: 0">000-24537</TD>
    <TD STYLE="width: 33%; padding: 0; layout-grid-mode: line; font-weight: bold; text-align: center; text-indent: 0">04-3053198</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; layout-grid-mode: line; font-weight: bold; text-align: center; text-indent: 0">(State or Other Jurisdiction of Incorporation)</TD>
    <TD STYLE="vertical-align: top; padding: 0; layout-grid-mode: line; font-weight: bold; text-align: center; text-indent: 0">(Commission File Number)</TD>
    <TD STYLE="vertical-align: top; padding: 0; layout-grid-mode: line; font-weight: bold; text-align: center; text-indent: 0">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>55 Network Drive </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Burlington, MA 01803</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Offices)
(Zip Code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 225-2500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant's telephone number, including
area code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Former name or former address, if changed
since last report)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 22.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="padding: 0; text-indent: 0">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 22.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="padding: 0; text-indent: 0">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 22.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="padding: 0; text-indent: 0">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 22.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="padding: 0; text-indent: 0">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 40.13e-4(c))</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 20, 2012, pursuant to
its stockholder-approved stock option exchange offer, Dyax Corp. (the &ldquo;Company&rdquo;) accepted for exchange
(and cancelled) options to purchase shares of the Company&rsquo;s common stock, $0.01 par value per share, for new options. The
following table sets forth certain information concerning the options surrendered by, and the new options granted to, each of
the Company&rsquo;s named executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Exchanged Options</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">New Options</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Name</TD>
    <TD STYLE="width: 29%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Positions and Offices Held</TD>
    <TD STYLE="width: 14%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Number of shares</TD>
    <TD STYLE="width: 13%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Weighted Average</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exercise Price</U></B></P></TD>
    <TD STYLE="width: 12%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Number of Shares</TD>
    <TD STYLE="width: 10%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Exercise Price</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">Gustav Christensen</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">President and Chief Executive Officer</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">1,345,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">$3.66</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">843,455</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">$2.06</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">Ivana Magovcevic-Liebisch, Ph.D., J.D.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">Executive Vice President and Chief Business Officer</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">675,781</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">$4.61</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">383,470</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">$2.06</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">George V. Migausky</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">Executive Vice President and Chief Financial Officer</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">100,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">$4.57</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">39,999</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">$2.06</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of the new options were granted on June
20, 2012. The new options have an exercise price of $2.06 per share, which price was equal to the per share closing price of the
Company's common stock on the exchange date, June 20, 2012, as reported by NASDAQ. The new options granted to the named executive
officers will not vest at all until the second anniversary of the date of grant. At that time, each new option will then vest as
to that portion of the underlying shares that would be vested under the original vesting schedule of the eligible options that
were exchanged. After the second anniversary of the date of grant, any shares that remain unvested will continue to vest in accordance
with the original vesting schedule of the eligible options that were exchanged.&nbsp;The new options &nbsp;will expire on the later
of (i) the expiration date of the surrendered options for which they were exchanged and (ii) the fifth anniversary of the exchange
date, June 20, 2017, subject to earlier expiration upon termination of the named executive officers&rsquo; service with Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">All new options
were granted under the Company&rsquo;s 1995 Amended and Restated Equity Incentive Plan (the &ldquo;Plan&rdquo;) and are subject
to the terms and conditions of the Plan as well as a stock option agreement between the participant and the Company. </FONT>These
option exchanges have been reported by the named executive officers on Forms 4 filed with the Commission on or about the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.7pt; text-align: center; text-indent: -85.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.7pt; text-align: center; text-indent: -85.7pt"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.7pt; text-align: center; text-indent: -85.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; font-weight: bold; text-indent: 0">DYAX CORP.</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; width: 35%">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">Dated: June 21, 2012</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1pt solid">/s/ Ivana Magov&#269;evi&#263;-Liebisch</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Ivana Magov&#269;evi&#263;-Liebisch,</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Executive Vice President and</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Business Officer</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt"><B></B></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt"><B>&nbsp;</B></P>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "v316590_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 20360}]
{"company-data": {"conformed-name": "DYAX CORP", "cik": "0000907562", "assigned-sic": "8731", "irs-number": "043053198", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24537", "film-number": "12920016"}, "business-address": {"street1": "55 NETWORK DRIVE", "city": "BURLINGTON", "state": "MA", "zip": "01803-2756", "phone": "617-250-5769"}, "mail-address": {"street1": "55 NETWORK DRIVE", "city": "BURLINGTON", "state": "MA", "zip": "01803-2756"}, "former-company": {"former-conformed-name": "BIOTAGE INC", "date-changed": "19951117"}}
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): June 20, 2012
DYAX
CORP.
(Exact
Name of Registrant as Specified in Charter)
Delaware
000-24537
04-3053198
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
55 Network Drive
Burlington, MA 01803
(Address of Principal Executive Offices)
(Zip Code)
(617) 225-2500
(Registrant's telephone number, including
area code)
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 40.13e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 20, 2012, pursuant to
its stockholder-approved stock option exchange offer, Dyax Corp. (the "Company") accepted for exchange
(and cancelled) options to purchase shares of the Company's common stock, $0.01 par value per share, for new options. The
following table sets forth certain information concerning the options surrendered by, and the new options granted to, each of
the Company's named executive officers.
Exchanged Options
New Options
Name
Positions and Offices Held
Number of shares
Weighted Average
Exercise Price
Number of Shares
Exercise Price
Gustav Christensen
President and Chief Executive Officer
1,345,000
$3.66
843,455
$2.06
Ivana Magovcevic-Liebisch, Ph.D., J.D.
Executive Vice President and Chief Business Officer
675,781
$4.61
383,470
$2.06
George V. Migausky
Executive Vice President and Chief Financial Officer
100,000
$4.57
39,999
$2.06
All of the new options were granted on June
20, 2012. The new options have an exercise price of $2.06 per share, which price was equal to the per share closing price of the
Company's common stock on the exchange date, June 20, 2012, as reported by NASDAQ. The new options granted to the named executive
officers will not vest at all until the second anniversary of the date of grant. At that time, each new option will then vest as
to that portion of the underlying shares that would be vested under the original vesting schedule of the eligible options that
were exchanged. After the second anniversary of the date of grant, any shares that remain unvested will continue to vest in accordance
with the original vesting schedule of the eligible options that were exchanged. The new options  will expire on the later
of (i) the expiration date of the surrendered options for which they were exchanged and (ii) the fifth anniversary of the exchange
date, June 20, 2017, subject to earlier expiration upon termination of the named executive officers' service with Company.
All new options
were granted under the Company's 1995 Amended and Restated Equity Incentive Plan (the "Plan") and are subject
to the terms and conditions of the Plan as well as a stock option agreement between the participant and the Company.
These
option exchanges have been reported by the named executive officers on Forms 4 filed with the Commission on or about the date hereof.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DYAX CORP.
Dated: June 21, 2012
By:
/s/ Ivana Magovčević-Liebisch
Ivana Magovčević-Liebisch,
Executive Vice President and
Chief Business Officer