Profitable detour

Dyax - which tried unsuccessfully to sell a $27.5 million IPO in the summer - raised more money by going back to a syndicate of private investors. The high throughput drug discovery company raised $31 million in a private placement last week.

The company and investors would not disclose the post money valuation of Dyax, but said it was below the $107 million valuation it would have had if it sold its IPO at the mean price...